With vacancy rates rising and new developments stalling, experts say Huntsville’s apartment market may need time to catch its breath.
HUNTSVILLE, Ala. — After several years of explosive apartment development, Huntsville’s rental market is showing signs of saturation.
A joint report from Berkadia and Crunkleton Commercial Real Estate found that more than 6,500 apartment units were completed in the Huntsville metro area in 2023 alone — nearly as many as the total delivered between 2008 and 2020. While the rapid growth was originally driven by a population surge and record-high occupancy rates, the trend has now reversed.
“We were in a severe housing shortage because of population growth, and that caught developers’ attention,” said David Wilson, land specialist at Crunkleton. “But we got ahead of ourselves.”…