What to watch in 2025: Smaller construction pipeline offers chance for multifamily sector to catch its breath

The U.S. multifamily market, fresh from a 40-year record high of 692,000 apartment units completed in 2024, is expected to add less than half of that amount, only 342,000 units, in 2025. While this would be well received by landlords, the oversupply of units created in the past three years remains substantial, providing renters with no shortage of options.