Volume of multifamily housing units completed in the U.S. 1972-2023
The U.S. multifamily housing market has experienced a significant increase in supply over the past 10 years. In 2023, the number of units completed reached 450,000 units, marking a notable increase from the previous year's 368,000 units. This uptick comes after a period of a spike in multifamily construction starts. Nevertheless, forecasts suggest a decline in future supply as construction starts decline in 2024 and 2025. Despite these fluctuations, multifamily housing remains a significant share of the U.S. housing stock. Multifamily buildings are a popular choice among renters, with approximately 21 million American households occupying a rental home in a residential building with more than two units.
