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Where will new apartment supply fall fastest?

We expect the sharpest fall in apartment completions in 2025-26 in Boston, Denver, NYC and Seattle. Those cities will also be joined by Sunbelt markets where oversupply is already denting rents, including Austin and San Antonio. By contrast, there is little sign of a slowing in other southern markets, with the rate of new permits being issued still high in Miami and Riverside.

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