A little over 576,700 units were delivered in the year-ending 1st quarter 2025. That was slightly below the all-time peak of 585,200 units from calendar 2024. From this point on, delivery volumes are scheduled to drop off for the next few years as developers wrap up the current pipeline of projects.
Annual supply is scheduled to drop to about 431,200 units by the end of 2025. After that, deliveries are expected to fall off even further, returning to more historic norms by 2026 if current construction timetables hold.
Source: RealPage
Multifamily Market News 