At the end of 2025, there were 16 markets (out of the nation’s 150 largest) that did not have any apartments under construction. That was up from the 10 at the end of 2024 and 6 at the end of 2023.
My guess is that there will be more than 16 when we reach the end of 2026:
Source: RealPage
Multifamily Market News 