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Five-year multifamily construction boom pours 1.8 million units onto the US market

Sun Belt dominates supply gain, accounting for two-thirds of the increase

Austin, Texas, posted the largest absolute increase in apartment units added from 2020 to 2024, an increase of 45,000 more units compared to the total number of units added from 2015-2019. (Getty Images)
Austin, Texas, posted the largest absolute increase in apartment units added from 2020 to 2024, an increase of 45,000 more units compared to the total number of units added from 2015-2019. (Getty Images)

Over the past five years, the national multifamily housing market added a massive amount of new supply, with total completions surging from 1.3 million to 1.8 million units.

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