CoStar Predicts Jump In Apartment Development This Year

This week the CoStar group reported “More multifamily projects [are] expected to come out of the ground in 2011-12.” The 22,536 units forecast by CoStar to be added to the nation’s apartment supply in 2011 is expected to spike up to 94,588 units in 2012 and just over 109,000 units in 2013 — increases of 320% and 384%, respectively — over the current year. By 2015, CoStar expects that development will ramp up to its 10-year historical average. Read the full story.