The number of new apartments that will be completed in 2025 will be 54 percent lower than last year, according to an Axios article by Meira Gebel and Sami Sparber. “That is considerably less than other metros of its size — like San Antonio (8,100) and Salt Lake City (6,500) — but reflects a broader national slowdown trend.”
As the article explains, “Higher building costs, higher interest rates and a surplus of supply in some markets have made developers cautious to start new projects.” A June report from Harvard’s Joint Center for Housing Studies noted that the boom in apartment construction is ending…