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Planned Apartment Properties Often Stay That Way

California Data Exhibits a Cautionary Tale

By Carl Whitaker | Wednesday, April 26, 2017

 

Back in 2014, a total of 70,100 new apartment units were in the planning stages in Southern California and San Francisco Bay Area markets.

Fast forward three years, and just 6% of those planned apartment properties have been completed and reached stabilized status of at least 90% occupancy, while 39% are still in the planning stage, according to Axiometrics’ apartment market data, while another 9% have likely been withdrawn.

Construction has proceeded most quickly in the Inland Empire metro of Riverside-San Bernardino, with 48% of the 2014 planned units stabilized and another 40% either in lease-up or under construction. Meanwhile, just 1% of the planned Oakland apartments have reached stabilization, with 46% still in the planning stages and 27% likely withdrawn.

For the full story and charts, click here.

 

Carl Whitaker

Carl Whitaker

Real Estate Analyst

Carl Whitaker is a Real Estate Analyst for Axiometrics.

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