The U.S. multifamily housing market has experienced a significant increase in supply over the past 10 years. In 2024, the number of units completed reached ** units, marking a notable increase from the previous year's ** units and reaching the highest level since 1987. This uptick came after a spike in multifamily construction starts, which were completed in 2024. This development was expected to have a cooling effect on rental prices. Nevertheless, forecasts suggest a decline in future supply as construction starts have decline in 2023 and beyond. In 2025, the number of completed multifamily housing units fell to **.
Multifamily housing accounted for roughly a *r of the U.S. housing stock.ÌýMultifamily buildings are a popular choice among renters, with approximately ** million American households occupying a rental home in a residential building with more than two units.
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U.S. Census Bureau. (July 1, 2026). Volume of multifamily housing units completed in the United States from 1972 to 2025 (in 1,000s) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 26, 2026, from /statistics/1011965/multifamily-housing-completions-usa/
U.S. Census Bureau. "Volume of multifamily housing units completed in the United States from 1972 to 2025 (in 1,000s)." Chart. July 1, 2026. ÌÇÐÄÆƽâ°æ. Accessed July 26, 2026. /statistics/1011965/multifamily-housing-completions-usa/
U.S. Census Bureau. (2026). Volume of multifamily housing units completed in the United States from 1972 to 2025 (in 1,000s). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 26, 2026. /statistics/1011965/multifamily-housing-completions-usa/
U.S. Census Bureau. "Volume of Multifamily Housing Units Completed in The United States from 1972 to 2025 (in 1,000s)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 1 Jul 2026, /statistics/1011965/multifamily-housing-completions-usa/
U.S. Census Bureau, Volume of multifamily housing units completed in the United States from 1972 to 2025 (in 1,000s) ÌÇÐÄÆƽâ°æ, /statistics/1011965/multifamily-housing-completions-usa/ (last visited July 26, 2026)
Volume of multifamily housing units completed in the United States from 1972 to 2025 (in 1,000s) [Graph], U.S. Census Bureau, July 1, 2026. [Online]. Available: /statistics/1011965/multifamily-housing-completions-usa/
