These three Markets (within the top 50 CBSA’s) have seen the most % supply growth in 2024 so far!
Little Rock-North Little Rock-Conway, AR- a market with over 760,000 people and a square ft/capita of 12.47 has seen 2.5% supply growth in 2024 so far. This is significant because 6% of supply was added in 2023. It will be interesting to see how much more supply in added in this market throughout the rest of 2024.
Virginia Beach-Norfolk-Newport News, VA-NC- a bustling market with over 1,750,000 people with a square ft/capita of 9.74 has seen 1.3% supply growth in 2024 so far. This is coming after 1.2% of supply was added in 2023.
Kansas City, MO-KS- with almost 2,250,000 people and a square ft/capita of 7.02 has had 1.3% supply growth in 2024 so far. With 2023 having 2.6% supply growth, this will be a market to keep an eye on to see if supply continues to come online throughout the rest of the year.
