New construction during the first quarter totaled 41,769 units and, although this is a decline from recent quarters, it represents the highest first quarter construction total since Reis began tracking the market quarterly in 1999.

During the past 12 months, 200,142 new units were completed. That represents the highest year-over-year tally since 1988, when 216,167 new units came online. This robust start to the year signals that 2016 will likely experience the most new apartment construction since 1987.