Summer Regulatory Summit eBook

NONCONFIDENTIAL // EXTERNAL

Click to edit Master title style Secondary Title Multifamily New Supply New Supply as a % of Inventory, Rapid Supply Growth Is Creating and May Extend Challenges

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 1.7% 1.5% 1.2% 1.3% 1.0% 1.1% 1.3% 1.6% 1.3% 0.7% 0.5% 0.8% 1.3% 1.8% 2.0% 2.1% 2.3% 2.2% 2.2% 2.6% 2.3% 2.4% 3.1% 1.2% 1.4% 1.8% 1.2% 1.2% 1.4% 4.8% 3.7% 2.7% 1.8% 1.1% 1.5% 1.2% 2.8% 1.2% 0.6% 0.3% -0.5% 1.3% 1.4% 1.8% 1.8% 2.9% 1.7% 2.6% 3.2% 1.8% 3.1% 4.6% 1.7% 1.9% 2.1% 1.2% 1.2% 1.5% 8.9% 4.2% 2.5% 1.2% 1.4% 2.0% 2.2% 6.5% 2.9% 1.1% 0.2% 2.4% 4.2% 4.8% 5.0% 5.7% 5.3% 3.5% 4.7% 5.5% 5.0% 5.9% 7.8% 4.4% 3.6% 3.8% 2.5% 1.3% 1.8% 1.2% 1.2% 1.5% 2.5% 2.1% 3.9% 2.2% 2.2% 1.8% 0.8% 0.1% 1.6% 2.0% 2.7% 4.5% 3.1% 4.3% 3.8% 3.4% 4.8% 3.3% 2.7% 3.1% 0.7% 1.4% 2.2% 2.1% 1.6% 2.1% 5.2% 2.6% 1.8% 3.0% 2.0% 2.1% 2.7% 3.5% 4.3% 1.9% 0.4% 0.9% 3.4% 4.0% 6.0% 4.1% 6.0% 5.2% 3.7% 5.9% 5.8% 4.4% 6.5% 2.1% 4.4% 5.1% 3.2% 2.1% 2.7% 0.8% 0.6% 0.4% 0.4% 0.3% 0.6% 0.7% 0.5% 0.5% 0.6% 0.1% 0.1% 1.1% 1.0% 1.0% 1.8% 1.9% 1.9% 1.8% 1.9% 1.8% 1.2% 1.9% 0.9% 0.5% 0.7% 0.7% 1.0% 1.1% 2.0% 1.2% 0.8% 0.5% 0.2% 1.0% -0.1% 0.1% 0.1% 0.1% 0.5% 0.4% 0.6% 0.7% 1.1% 2.4% 1.4% 0.9% 0.7% 1.8% 0.5% 2.0% 2.7% 0.9% 1.1% 1.8% 0.6% 0.6% 0.9% 2.0% 2.0% 1.4% 1.1% 0.8% 1.4% 1.2% 2.6% 2.2% 0.2% 0.4% 1.1% 1.8% 2.1% 2.5% 3.3% 4.2% 3.4% 3.5% 3.6% 3.4% 3.0% 3.9% 1.9% 1.8% 2.1% 1.4% 1.8% 1.9% 5.4% 5.1% 2.9% 1.3% 0.8% 0.9% 1.0% 1.5% 2.0% 0.5% 0.0% 1.0% 1.8% 4.5% 4.3% 2.9% 4.2% 4.6% 4.1% 3.2% 3.7% 3.8% 4.3% 1.9% 2.6% 3.1% 2.2% 1.3% 1.9% 0.8% 0.7% 0.8% 0.5% 0.7% 0.0% 0.5% 0.2% 0.3% 0.1% -0.1% 0.2% 0.0% 0.3% -0.1% 1.3% 1.0% 0.2% 1.1% 1.1% 1.5% 0.9% 1.5% 0.6% 0.6% 0.6% 0.2% 0.4% 0.6% 0.9% 1.1% 0.6% 1.5% -0.2% 0.0% 0.6% 0.4% 1.7% 0.8% 0.0% 0.7% 1.7% 3.5% 2.0% 3.1% 3.4% 2.1% 1.4% 5.4% 1.8% 2.4% 4.2% 1.0% 2.0% 3.6% 2.4% 1.2% 1.8% 1.2% 1.2% 2.8% 2.5% 1.6% 1.3% 2.7% 4.2% 1.6% 0.7% 0.1% 0.4% 1.3% 2.9% 3.4% 3.3% 2.7% 1.1% 2.0% 3.6% 2.9% 2.5% 3.6% 1.4% 1.1% 1.2% 0.8% 1.3% 1.6% 2.9% 1.7% 0.8% 0.6% 0.8% 2.1% 4.7% 2.7% 3.3% 0.3% 0.0% 0.7% 2.5% 0.6% 2.6% 2.0% 2.7% 2.9% 4.4% 4.6% 3.4% 5.7% 7.5% 3.2% 2.8% 2.5% 1.4% 2.0% 2.1% 4.0% 1.8% 1.4% 2.3% 0.6% 1.3% 1.6% 1.4% 0.9% 0.7% 0.3% 0.5% 1.5% 1.4% 3.0% 2.4% 3.2% 2.5% 1.5% 3.9% 2.8% 2.6% 3.0% 0.7% 1.6% 2.1% 1.2% 1.6% 1.8% 2.6% 2.7% 1.1% 2.2% 0.0% 0.8% 3.1% 2.2% 2.8% 0.3% 0.0% 0.3% 0.2% 0.7% 1.5% 1.8% 2.2% 1.6% 1.7% 2.1% 1.7% 1.4% 3.5% 1.3% 1.4% 1.2% 0.8% 1.2% 1.3% 0.6% 0.4% 0.4% 0.5% 0.4% 0.4% 0.5% 0.7% 0.4% 0.3% 0.0% 0.1% 0.3% 0.7% 0.8% 1.1% 0.4% 1.0% 1.1% 1.2% 1.1% 0.9% 1.1% 0.2% 0.5% 0.6% 0.5% 0.6% 0.5% 2.0% 1.0% 0.8% 1.3% 0.6% 0.6% 1.2% 0.9% 1.2% 0.0% 0.2% 0.6% 1.5% 2.3% 2.6% 2.1% 1.4% 3.8% 2.7% 3.2% 2.6% 3.3% 2.2% 2.0% 1.3% 2.3% 0.8% 1.2% 1.3% 3.4% 2.6% 0.3% 0.7% 0.8% 0.7% 1.1% 2.0% 0.3% -0.1% -0.4% 0.5% 0.5% 0.5% 0.6% 0.5% 0.4% 0.2% 1.3% 0.1% 1.6% 1.0% 1.2% 0.5% 0.9% 1.4% 0.5% 0.7% 0.8% 0.8% 0.0% 0.6% 0.5% 0.1% -0.1% 0.9% 1.0% 1.1% 0.5% 0.1% 0.1% 1.5% 2.0% 2.7% 4.8% 2.5% 3.4% 4.9% 5.0% 3.8% 3.4% 3.7% 1.5% 2.9% 3.8% 1.8% 2.8% 0.0% 0.6% 0.6% 0.1% 0.3% 0.5% 0.2% 0.3% 0.6% 0.4% 0.4% 0.7% 1.1% 0.3% 1.2% 1.8% 2.7% 3.3% 2.6% 2.4% 2.2% 1.8% 2.2% 2.6% 0.9% 1.8% 1.8% 1.5% 1.8% 1.8% 1.1% 1.9% 1.6% 1.1% 0.6% 0.2% 0.5% 0.7% 0.3% 0.0% 0.5% 0.6% 1.6% 1.6% 2.0% 1.9% 1.7% 2.7% 2.5% 4.2% 4.3% 4.3% 4.7% 1.4% 1.7% 1.5% 1.0% 1.4% 1.6% 3.3% 1.2% 0.0% 1.1% 2.3% 1.7% 2.2% 2.0% 1.2% 1.6% 1.2% 1.4% 3.5% 5.2% 4.8% 5.5% 7.5% 4.8% 3.3% 5.1% 4.9% 5.8% 8.3% 3.2% 3.6% 4.4% 3.2% 1.9% 2.6% 0.7% 0.7% 0.5% 0.5% 0.6% 0.6% 0.8% 0.5% 0.8% 0.7% 0.6% 0.4% 0.7% 0.9% 1.1% 1.1% 2.1% 1.7% 1.4% 1.2% 1.4% 1.9% 1.5% 0.4% 0.8% 1.3% 1.2% 1.2% 0.9% 1.3% 0.6% 0.8% 0.8% 0.6% 0.1% 0.2% 0.1% 1.1% 0.7% 0.3% 0.5% 0.9% 2.3% 1.6% 1.3% 3.0% 1.8% 2.6% 2.2% 2.2% 2.4% 4.2% 1.4% 2.6% 3.2% 1.5% 1.0% 1.4% 1.9% 5.6% 2.5% 2.3% 2.2% 2.3% 2.6% 5.0% 2.0% 0.7% 0.3% 0.8% 2.8% 3.2% 4.3% 2.8% 4.3% 5.7% 4.2% 4.7% 4.8% 4.5% 6.7% 2.6% 2.7% 3.3% 1.9% 2.3% 2.6% 1.1% 5.3% 3.3% 0.9% 1.2% 2.7% 0.7% 0.5% 0.5% 0.3% 0.0% 2.1% 3.3% 2.9% 3.3% 2.7% 4.2% 4.5% 1.7% 3.3% 2.9% 2.8% 3.8% 1.6% 2.1% 3.5% 2.0% 1.9% 2.3% 2.7% 3.0% 1.0% 1.6% 1.1% 1.3% 1.7% 3.0% 2.6% 0.0% 0.0% 0.1% 1.0% 2.3% 2.2% 1.7% 2.0% 2.9% 2.8% 2.6% 3.5% 4.5% 4.9% 1.7% 2.4% 3.1% 2.5% 1.1% 1.7% 6.7% 3.0% 1.6% 1.8% 2.0% 0.7% 6.1% 3.1% 4.4% 1.9% 0.3% 0.8% 6.3% 5.1% 3.2% 4.5% 3.0% 4.0% 3.7% 4.8% 2.1% 4.0% 8.2% 2.7% 3.4% 3.8% 1.5% 1.9% 2.5% 1.5% 0.5% 0.4% 2.9% 1.7% 0.8% 0.9% 0.5% 2.1% 0.5% 2.4% 0.9% 1.5% 2.0% 2.1% 2.5% 1.8% 3.5% 2.2% 4.0% 3.7% 2.1% 6.4% 0.4% 2.5% 3.0% 1.4% 2.0% 2.2% 1.1% 1.7% 0.0% 1.9% 0.3% 2.4% 0.6% 1.6% 3.6% 3.1% 0.3% 1.4% 3.2% 3.4% 5.6% 2.4% 5.7% 6.3% 5.5% 4.9% 6.0% 5.4% 6.0% 1.5% 2.9% 3.7% 1.6% 1.9% 2.3% 2.4% 2.4% 2.1% 2.4% 3.3% 3.0% 3.2% 2.3% 3.1% 1.1% 1.4% 2.5% 3.2% 4.3% 4.2% 3.5% 3.6% 3.2% 2.8% 4.4% 2.2% 3.2% 3.8% 2.4% 2.1% 3.2% 1.6% 2.0% 2.4% 0.8% 0.4% 0.8% 0.1% 0.6% 0.1% 0.5% 0.3% 0.6% 0.3% 0.0% 0.1% 1.7% 1.5% 1.5% 2.3% 2.3% 1.4% 1.3% 1.6% 1.5% 1.1% 0.6% 0.1% 0.7% 0.9% 0.6% 0.6% 0.9% 0.9% 3.4% 0.1% 1.0% 0.7% 1.2% 0.6% 0.4% -0.1% 0.4% 0.2% 3.0% 1.4% 4.3% 2.9% 3.3% 1.1% 3.4% 2.0% 2.2% 1.9% 1.8% 0.5% 0.9% 1.7% 1.7% 1.1% 0.5% 1.2% 3.6% 2.3% 0.9% 1.6% 1.5% 1.0% 1.5% 1.4% 1.4% 0.5% 0.4% 0.9% 1.1% 3.1% 1.5% 1.9% 2.1% 4.1% 2.0% 3.4% 3.1% 4.0% 3.3% 2.5% 2.1% 2.4% 1.5% 1.7% 1.9% 1.8% 1.3% 1.1% 1.4% 1.4% 1.0% 2.0% 2.0% 1.8% 1.2% 1.1% 1.6% 2.3% 3.6% 2.7% 2.5% 2.5% 2.2% 2.6% 2.9% 2.6% 2.3% 2.5% 0.7% 1.4% 1.9% 1.8% 1.0% 1.5%

United States Atlanta - GA Austin - TX Boston - MA Charlotte - NC Chicago - IL Cincinnati - OH

Dal las-Fort Worth - TX

Denver - CO Detroi t - MI

Fort Lauderdale - FL

Houston - TX

Jacksonvi l le - FL Kansas Ci ty - MO Las Vegas - NV Los Angeles - CA Loui svi l le - KY

Memphi s - TN

Miami - FL

Mi lwaukee - WI Minneapol i s - MN

Nashvi l le - TN New York - NY

Northern New Jersey - NJ

Orlando - FL

Palm Beach - FL Phoenix - AZ Raleigh - NC Richmond - VA Sal t Lake Ci ty - UT San Antonio - TX San Franci sco - CA

San Jose - CA Tampa - FL

Washington - DC

Source: Green Street; S&R - Risk Analysis Unit/Federal Reserve Bank of Atlanta

15