Roughly 89,400 units wrapped up construction in 4th quarter 2025, marking the first time in 11 quarters that deliveries fell below the 100,000-unit mark.
All regions of the U.S. saw supply volumes ease in 4th quarter, however, the South has also seen the steepest pullback in delivery volumes recently. Completions in the South peaked at nearly 91,800 units in 3rd quarter 2024 and volumes have fallen off every quarter since. The last three months of 2025 marked the first time South region completions totaled less than 50,000 units in 11 quarters.
Source: RealPage
Multifamily Market News 