2014 Forecast: New Deliveries, New Direction?

While apartment completions will rise meaningfully in 2014, multifamily starts will move in the opposite direction.

After the U.S. apartment market logged another very healthy performance in 2013, look for most key metrics to come in at fairly similar levels in 2014. However, some modest adjustments are on the way, mainly reflecting the impact that will come when we receive substantial deliveries for the first time in several years. Across the 100 largest metros in the country, scheduled completions climb to about 231,000 units in 2014. That delivery volume compares to roughly 187,000 units brought to market in 2014 and a mere 78,000 units that came on stream when construction finishes bottomed in 2011.

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