Existing Units: Existing unit stock is estimated counts of multifamily properties featuring five or more units.

Total Units Under Constriction: Total units under construction in the market as reported at the end of the quarter. Current as of 2Q 2023.

Units Delivering in Next 4Q: Total number of units to be completed by the end of the following four quarters.

Share Of Existing Inventory UC: Units under construction as a share of existing unit stock.

The construction pipeline provides a breakdown of the total units at every phase of construction. These stages encompass Pre-Planned, Planned, Under Construction, and Under Construction/Lease-Up statuses for each market. Construction status is current as of August 13, 2023.

Pre-Planned: Properties without a defined start date or those slated to begin construction after 12 months.

Planned: A property or unit is deemed planned when it receives approval from local authorities and is set to commence construction within the next year.

Under Construction: A property enters the under-construction status once ground-breaking occurs. It maintains this status until every unit within is fully complete. A unit is categorized as under construction until it becomes available for physical occupancy.

Under Construction/Lease Up: A property is under construction/lease up when it is partially complete/available for lease or when some sections are still under construction, but completed units are ready for tenants to move-in.

Garden-style: Properties with one to three stories. These include property structures classified as Garden, Duplex/Triplex/Quadplex, Townhome/Row Home, Modular, and Horizontal Apartments.

Mid-rise/Hi-rise: Mid-Rise: Properties with four to six stories; High-Rise: Properties with seven or more stories. These include building structures classified as Podium, Tower, and Wrap.

Single Family: Properties that are fully detached, semi-detached (semi-attached, side-by-side), row houses, duplexes, quadruplexes and townhouses built for rental. These include building structures classified as Single Family, Single Family/Duplex/Triplex/Quadplex, and Single Family/Townhome/Row Home.

Demand represents the annual absorption of apartment units. determined by multiplying existing units by the occupancy rate. Completion reflects the annual supply of new apartment unit when its construction is finalized, making it ready for occupancy. A property is deemed finished once the final unit in the project is completed.

Submarket Breakdown:
Demand Forecast [Next 4 Quarters]: The one-year demand/absorption forecast is based on projections of occupancy and supply. It indicates the anticipated shift in the number of occupied units from one period to the next.

Supply Forecast [Next 4 Quarters]: The forecast for a one-year or four-quarter period is derived from the identified supply as per RealPage’s pipeline data on a project-by-project basis.

Historical Delivery [10-Yr Average]: Historical delivery forecast is the cumulative average of year-end annual supply from 2013-2022.

The information provided in the construction pipeline map is obtained from RealPage. Properties contained in the map is mapped out using map coordinates See full data table.

The construction pipeline full data table displays all properties that are in PrePlanned, Planned, Under Construction, or Under Construction/Lease-Up status in each market. Detailed property-level information includes property name, submarket, address, city, state, zip code, property status, construction start date, construction finish date, total units, and property structure. The information reported in the table is collected by RealPage Analytics on a weekly basis. The 3Q23 data is up to date as of August 13, 2023.