Prices are determined by supply and demand.” ― Hendrith Vanlon Smith Jr, CEO of Mayflower-Plymouth ''The U.S. is poised to reach new heights in apartment construction for the third year in a row, with 2024 expected to set a new record: By the end of the year, developers are on track to complete a staggering 518,108 rental units, marking a 9% increase compared to 2023 and a staggering 30% rise from 2022. What’s more, 2024 is the first year in the history of U.S. apartment construction in which the number of completions will surpass the 500,000-unit threshold. The New York metro is leading the charge for the third consecutive year, followed by Dallas and Austin. Notably, the Dallas and Austin metro areas together are expected to welcome roughly 10% of all apartments opened nationwide by the end of December. Looking ahead, 2 million apartments are set to come online by 2028, despite uncertainties in most markets that are causing fewer new projects to start. Furthermore, about 47% of the 369 metros analyzed are likely to build more in the next five years than they did from 2019 to 2023.'' https://lnkd.in/ezZ4DwMN