Albuquerque, its growth constrained by mountains, Native American land and an Air Force base, is short 30,000 housing units, he says. Outside her office window, workers are hammering away at the wood framing of a new multistory apartment building. Fast-growing western markets such as Phoenix added so many apartment buildings that rent growth has slowed, according to real-estate data firm Yardi Matrix. In addition, he says, southwestern cities are just beginning to increase the share of multifamily housing in their overall markets. For all the new housing being built in those cities today, multifamily units account for only around 55% of new construction, Vance says.

Source: Wall Street Journal February 29, 2024 22:56 UTC