Across the U.S., apartment demand keeps climbing just as building starts have plummeted. In the year-ending 2nd quarter, nearly four more apartments were absorbed than started, with nearly 800,000 units absorbed, compared to about 215,000 units started. That was an increase from the already solid ratio of 3.4 from the 1st quarter. Charlotte and Raleigh had demand-to-starts ratios between 4.1 and 4.6.
Apartment supply volumes remain elevated, though completions continued to drop in 2nd quarter 2025.
The South saw the steepest pullback, delivering roughly 6,900 units less than in the first three months of 2025 and even fewer than the peak achieved in 3rd quarter 2024.
Source: RealPage
Multifamily Market News 