U.S. apartment construction just hit a six-year low. Multifamily starts fell 40 percent in May.Most coverage is reading this as a developer's problem. I think it's about to become a renter's reality. The math is simple. The apartment projects that pencil in 2026 are far fewer than the ones that penciled in 2021. So the buildings already coming out of the ground are, for a while, the only ones coming at all.We started Belle Oaks Marketplace when the math worked. Our first residences open this October, on Cleveland's east side, in the one region of the country where construction held steady this year. The supply story is national. The opportunity is local.

US apartment starts fell 40% in May, a 6-year low. Most read it as a developer's problem. It's about to be a renter's reality. Belle Oaks opens its first residences this October.

Here's something the housing headlines are missing.New apartment construction across the country just hit a six-year low. Which means the places worth moving into were started years ago, and there aren't many of them. Belle Oaks Marketplace opens its first residences this October, on Cleveland's east side. Built when it was still possible to build something like this.Luxury living has a new address.