A report from the Real Estate Journal. "Developers are expected to add more apartment units across the United States this year than they have in the last decade, according to RENTCafe. According to the company, more than 320,000 new apartments are expected to be completed in 2016. That is a jump of 50 percent from 2015. Texas leads the way, with more than 69,000 units projected to be completed in 2016 in the metropolitan areas of Dallas-Fort Worth, Austin, Houston and San Antonio. Chicago ranks 14th on RENTCafe’s list of hot apartment markets, with developers expected to deliver 8,377 new apartment units to the metropolitan area by the time this year ends."

"The only other Midwest market to make this list was Nashville, which is expected to add 6,536 new apartment units this year."

WSMV on Tennessee. "Just as Metro's new affordable housing laws go into effect, one of Nashville's newest and most expensive apartment complexes is putting on the finishing touches. With some lofts starting at $2,725 dollars a month, many wonder who can afford it. The Cadence in Midtown will begin opening up in phases in mid-September. Urban development experts say to live there comfortably, residents would have to make upwards of $90,000 per year."

"Bradley Crossfield moved to Nashville from Dallas three months ago. He wanted to live in Midtown because of the close proximity to bars and restaurants. But Crossfield said he was a bit shocked when he saw rent prices. 'I was like, ‘say what?’ It did surprise me because Dallas is a big large metroplex and I didn't really expect the cost of living to be as high in Nashville as it actually is,' he said."

"While it might seem these pricy apartments are filling up fast, that's not always the case. The Element on Music Row, close to The Cadence, opened late last year. It has more than 400 apartments with prices starting at $1,600 per month. A few of them are $10,000 a month. The occupancy is only at 26 percent."

The Philadelphia Inquirer in Pennsylvania. "Here's a sign that Philadelphia's apartment-building buzz may be quieting: A major out-of-town developer has bailed on a big Center City project, citing ballooning construction costs and tapering rent growth. Mack-Cali Realty Corp. said in its most recent earnings call that it had backed out of a deal to build a 300-unit apartment tower with local developer Parkway Corp."

"The Jersey City, N.J.-based company is withdrawing from a Center City residential-development boom that's been gaining steam since the end of the last recession, with rising rents encouraging record investment in new projects. But some think Mack-Cali's decision could be a preview of things to come, as the market slows to absorb the flood of new apartments and allow labor demand to cool."

"'You've seen at least one project that's put the brakes on development, and that could lead to others doing the same,' said William Rich, a director at the Washington-based real estate tracker Delta Associates. 'This could be the leading edge.'"

"Philadelphia is not alone among cities with resurgent downtowns that are now facing the threat of oversupply, said Hans Nordby, a managing director at real estate research firm CoStar Group. Dense urban enclaves such as downtown Los Angeles and the central parts of Houston and Nashville are seeing their markets cool, he said. As a result, asking-rent increases nationwide are forecast to decline through at least 2020, according to CoStar."

"'Your urban, fashionable, everybody-wants-to-live-there neighborhood was so good for so long . . . that now it's become a little overheated,' Nordby said. 'In many cases, developers have gotten religion and they're starting to shut down supply.'"

The Real Deal on New York. "Its aging office buildings are struggling with rising vacancies and competition from new developments at Hudson Yards. And even the seemingly invincible luxury market is having a hard time. Park Avenue, it seems, is at risk of losing its role as the coronary artery of wealth and power in Manhattan. In all, nearly 50 percent of Park Avenue apartments currently listed at $5 million and up have seen price chops since hitting the market, according to The Real Deal’s analysis of 37 such listings on StreetEasy."

"Amid an overall market correction, prices and sales at some of the most exclusive co-ops in the city along Park Avenue have softened. Late Wall Street trader Karen Cook’s apartment at 775 Park is currently asking $7.495 million — less than the $7.975 sale price in 2008. Meanwhile, Andrea Jung, the former chief executive of Avon Products, listed her co-op at 1021 Park last fall for $16.2 million. After several price chops, the pad is now asking $13.5 million, according to StreetEasy."

"'I feel that this is one of the most price-sensitive markets in which we’ve ever worked,' said Brown Harris Stevens’ Kathy Sloane. 'People are looking, but they’re slower to make offers and we don’t know what is holding the buyers back.'"

"There are certainly fewer deals. During the first 35 weeks of the year, there were 33 contracts signed on Park Avenue co-ops above $4 million — a nearly 27 percent drop from the 45 signed during the same time in 2015, according to data from Olshan Realty. According to firm founder Donna Olshan, the decline mirrors the rest of the co-op market in Manhattan. 'Many of them need a lot of work, and the younger audience has no interest in going through the co-op board process,' she said, citing competition from amenity-laden condos in trendy neighborhoods."

"Warburg Realty’s Frederick Peters agreed. 'If you bought your property a year ago, chances are it is worth less today,' he said. Sellers who listed apartments at too-high prices last year, he said, are finding that they now need to reduce prices significantly to make a deal."