Top 10: New Units Delivered
Despite some month-over-month volatility to begin the year, 2025 has gotten off to a strong start for the multifamily industry. The expected slowdown in new supply has recently started to materialize and apartment demand has continued last year’s positive momentum – and then some. The increased supply and demand balance has been beneficial for both average occupancy and rent growth.
Despite new supply beginning to recede some from last year’s peak, the new construction pipeline will continue to play a prominent role in market performance this year. As a complimentary piece to the forthcoming July newsletter, below are the market leaders in new supply at the midway point of the year.

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Market 31782_c1c14d-76> |
New Units Delivered 31782_11b65f-45> |
Percent of Stock 31782_3b4d5c-5f> |
New York City 31782_a4986e-46> |
16,172 31782_668262-bf> |
2.3% 31782_08e950-8a> |
Dallas – Ft. Worth 31782_aa3005-36> |
15,144 31782_4aaecf-f0> |
1.7% 31782_864b0e-ce> |
Austin 31782_fc9413-d1> |
11,678 31782_3a4156-97> |
4.0% 31782_19e29b-a5> |
Phoenix 31782_84104f-81> |
11,515 31782_a8e6c0-22> |
2.9% 31782_5fb904-5d> |
Denver – CO Springs 31782_c93ccc-3d> |
10,772 31782_1c193a-97> |
2.8% 31782_051e56-01> |
Atlanta 31782_e68a01-ff> |
10,257 31782_9d03ea-d0> |
2.0% 31782_def9ec-7b> |
Charlotte 31782_dc262f-66> |
8,759 31782_262b43-58> |
3.7% 31782_ffd91d-6d> |
Houston 31782_b67dbb-16> |
7,808 31782_fc2744-a9> |
1.1% 31782_314d43-82> |
Washington DC 31782_27cf50-5c> |
6,686 31782_eccec8-0f> |
1.2% 31782_117d7f-23> |
Los Angeles – OC 31782_048a6f-00> |
6,604 31782_05c064-14> |
1.1% 31782_1863b4-b0> |
Of course, primary markets will always populate a top ten list for new supply. In order to get a better understanding of which markets are dealing with the most acute new supply volume relative to their size, below are the top ten markets by new units delivered as a percent of existing stock so far in 2025.
Market 31782_f63d4f-32> |
New Units Delivered 31782_85a9c5-75> |
Percent of Stock 31782_5492c5-71> |
NC – Wilmington 31782_7ff38b-55> |
3,531 31782_8c86f5-f5> |
8.5% 31782_84ee88-1c> |
NC – Asheville 31782_aaf29f-b8> |
1,237 31782_68c2a4-0c> |
6.5% 31782_1131ff-cb> |
FL – Pensacola 31782_e3f9c4-54> |
2,638 31782_38687e-31> |
6.0% 31782_1f90e4-19> |
MT – State 31782_6c34a0-e9> |
840 31782_f34d68-37> |
5.9% 31782_a1fe7b-cf> |
FL – Fort Myers – Naples 31782_dc5982-61> |
2,698 31782_db2938-31> |
5.4% 31782_acf1f6-47> |
NH – Concord 31782_716ea1-ea> |
275 31782_6189fe-d5> |
4.9% 31782_10544a-0a> |
SC – Myrtle Beach 31782_b77be0-e0> |
766 31782_66ec96-ef> |
4.4% 31782_4337e9-b0> |
UT – Salt Lake City 31782_6e74c4-56> |
5,400 31782_60611d-88> |
4.4% 31782_e5db1c-e0> |
WV – Charleston 31782_a838f8-a0> |
372 31782_b75e2f-9c> |
4.2% 31782_62cd4c-6f> |
AL – Huntsville 31782_ed77c4-0b> |
2,090 31782_5bc258-e5> |
4.0% 31782_06ec24-06> |
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