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4Q19 Excerpt: Leasing Outpaces Net Supply in Most Markets

4Q19 Witten Advisory Excerpt: In the above chart, we see Charlotte in the upper right section of the graph, with very strong 4%+ growth in apartment renters, joining Austin, Nashville, Seattle, Denver, San Antonio and Portland, all at 4%+ – massive demand in these metros. And, except for Portland, all these high-demand markets also outran net new deliveries. In fact, over 80% of the markets we follow reported more new renters than new units in the last year, a drastic turnaround from two years ago when fewer than 40% saw demand ahead of supply. Even the weakest performance – Fort Worth in this case – didn’t see a notable drop in occupancy, off only 0.2%.

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