Louisville Multifamily Market
New Construction Presents Some Near-Term Headwinds,
Lessened by Long-Run Prospects
The metro is positioned for stable growth. While Louisville does not expect a large influx of in-migration, the metro will welcome nearly 6,000 new residents on net in the next five years, surpassing the proceeding half-decade addition. This slow but steady gain of residents will be a long-term supplement to multifamily demand. Net absorption has remained consistently positive for the last 15 years, a trend that will continue in 2023. Growing demand is reflected in total occupied stock reaching a new record high this year. Continued corporate investment will also backstop demand, such as Congo LLC’s expansion announced in April. The employee service company will undertake an $8.25 million expansion to its Louisville headquarters, creating 500 high-wage jobs over the next 10 years.