Top 10 New Units Delivered
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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

New Units Delivered

Percent of Stock

New York City

16,172

2.3%

Dallas – Ft. Worth

15,144

1.7%

Austin

11,678

4.0%

Phoenix

11,515

2.9%

Denver – CO Springs

10,772

2.8%

Atlanta

10,257

2.0%

Charlotte

8,759

3.7%

Houston

7,808

1.1%

Washington DC

6,686

1.2%

Los Angeles – OC

6,604

1.1%

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

New Units Delivered

Percent of Stock

NC – Wilmington

3,531

8.5%

NC – Asheville

1,237

6.5%

FL – Pensacola

2,638

6.0%

MT – State

840

5.9%

FL – Fort Myers – Naples

2,698

5.4%

NH – Concord

275

4.9%

SC – Myrtle Beach

766

4.4%

UT – Salt Lake City

5,400

4.4%

WV – Charleston

372

4.2%

AL – Huntsville

2,090

4.0%

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