Multi-Family Insights | March 2025
NEW APARTMENT SUPPLY: A FIVE-YEAR SURGE
Over the past five years, new apartment construction has reached levels not seen since the early 1980s. From 2020 to 2024, there
were 1.8 million units delivered nationwide—a 37% increase compared to the previous five-year period. Although new construction
starts have decreased over the last one to two years due to rising interest rates, the influx of newly completed units is already
impacting investors across the country.
CENTRAL VALLEY SNAPSHOT (2020–2024)
Total Units Delivered in Central Valley: 11,153
• Visalia: 635 – 12.48% increase in inventory
• Bakersfield: 2,264 – 8.18% increase in inventory
• Fresno/Clovis: 4,073 – 7.57% increase in inventory
• Modesto: 528 – 3.60% increase in inventory
WHY DOES THIS MATTER?
Rent Growth & Competition
Owners now face greater competition to retain tenants and often hesitate to raise rents due to fears of turnover and its associated costs with the guarantee of a premium.
Vacancy Rates
With so many new units, the market has seen an uptick in vacancy. In Fresno for example, vacancy how grown from a low of 1.8% in mid-2021 to 4.4% percent.
Unit Finishes & Amenities
In a competitive environment, maintaining updated finishes and amenities helps attract quality tenants and preserve rental income.
If you would like to learn more about how much new supply has been added in your market or how it could affect your investment, reach out to Visintainer Group. As a brokerage specializing in multi-family assets, we combine up-to-date market data with expert guidance to help you navigate changing conditions and ensure you’re positioned for success.