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Renter Demand Sturdy Amid Headwinds,
Including Record-Setting Supply Wave
Delivery volume spikes amid rapid rise in availability. Attempting to capitalize on historically low vacancies observed in late 2021 and early 2022, builders are set to complete a record number of units this year, exceeding the prior high by nearly 5,000 apartments. This historic wave of supply additions approaches as vacancy is on the rise, having more than doubled over the past 12 months ending in March. Current momentum suggests the metro will experience some near-term volatility. Nevertheless, a healthier-than-expected job market at the start of this year may provide tailwinds for local property performance. The creation of more than 15,000 jobs in the first three months helped bring net quarterly absorption to a nearly two-year high, aiding the demand outlook for the rest of the year.