U.S. apartment construction starts declined to approximately 55,000 units nationwide in the first quarter of 2026, a 73% decrease from the peak reached in early 2022 and the lowest quarterly level since 2011.
The number of units under construction nationwide declined to roughly 579,000 in the first quarter of 2026, down more than 50% from its peak in early 2023 and broadly in line with mid-2010 levels.
Source: CoStar
Multifamily Market News 