In 2021, 528 multifamily units delivered to the Tri-Cities market, which represents a 3.0% expansion of total inventory. The 2021 absorption rate was near-immediate, highlighting Tri-Cities’ demand for new multifamily construction.
In 2022, there were 1,281 units under construction that were scheduled to be leased in 2022, with an additional 360 units slated for completion in 2023.
This development research report represents boots-on-the-ground research and partnership with local and regional developers, highlighting the strength of the new construction market in the Tri-Cities metropolitan area.
Since this report completed mid-2022, many of the 1,281 units were delayed and leased in 2023, with just 422 units actually delivering in 2022, a 2.3% expansion of inventory at the time.
Ultimately, the Tri-Cities rent and population growth from 2020 to 2022 has caught the eye of new regional developers, who have their sights set on mid-rise podium and luxury apartment construction over the next five years. These prospective projects are not highlighted on this map, but represent the continued strength and belief in the Tri-Cities market over the next five years.
Interested in reviewing our 2022 Tri-Cities Multifamily Pipeline report?
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