As the apartment industry began to rebound following the Great Recession and global financial crisis, the location of new development caught many by surprise. A disproportionate share of new apartment homes was being built in what had been called the barriers-to-entry (or supply-constrained) markets. By contrast, many of the high-growth (or commodity) markets were still flooded with too many single-family houses built during the housing bubble; as a result, their share of new apartment production declined.
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