Top 10 Markets for Multifamily Deliveries

In 2025, developers continued to concentrate their multifamily construction activity in Sun Belt metros, with Texas leading activity. The top 10 markets for deliveries saw a combined 218,819 units completed last year, about 11 percent fewer than in 2024.

The large number of multifamily units under construction will ensure sustained growth this year, as well. However, only 529 developments broke ground last year among these metros, marking a 23 percent decrease year-over-year, signaling slowing supply. Here is our list of the top 10 markets for multifamily deliveries in 2025.

1. Dallas

Dallas-Fort Worth remained in the spotlight as the metro with the largest number of apartments to come online. Last year, the market saw 40,666 units delivered across 162 properties, slightly above the figures registered in 2024, when 40,497 residences were completed across 157 communities.

The Metroplex’s multifamily pipeline is expected to keep expanding into 2026 and beyond, though at a slower pace. Reflecting broader national trends, new construction starts fell sharply—from 123 projects breaking ground in 2024 to 76 last year—marking the steepest decline among the markets analyzed.

One of the projects that kicked off last year is Westbend Residences, a 321-unit community in Fort Worth, Texas. Trademark Property Co. is working on the development representing the second phase of a mixed-use community. The property is scheduled to come online early next year.

The metro had 48,859 apartments underway at the beginning of the year, the largest figure among these markets. Out of them, 7,416 units fell under the renter-by-necessity category, while the other 41,443 units were lifestyle.

2. Austin, Texas

Austin, Texas, clocked in on the second spot among the top markets for multifamily deliveries, with 30,943 units across 110 projects completed in 2025. This figure was slightly above the metro’s 2024 deliveries, when 29,441 apartments across 102 communities came online.

One of the properties completed in 2025 is Azola Avery Centre, a 359-unit luxury community in Round Rock, Texas. A joint venture between ZOM Living and CP Capital opened it in June. The project is part of the 1,200-acre Avery Centre master plan.

At the beginning of the year, the metro had 25,931 apartments under construction, with more than two thirds belonging to the lifestyle sector. A total of 33 developments started construction last year, a considerable decrease from the 61 projects that broke ground in 2024.

3. Phoenix

Rounding out the top 3 metros for multifamily deliveries in 2025 is Phoenix, which registered 26,552 apartments coming online. A total of 115 developments were delivered, slightly above the 110 projects—totaling 24,682 units—completed in 2024.

One of the projects completed in 2025 is Stella, a 308-unit community in San Tan Valley, Ariz. Thompson Thrift completed the property in March using funds from a $64.4 million construction loan from First National Bank of Omaha, Yardi Matrix information shows.

Additionally, about 35,383 apartments were underway at the beginning of this year. Out of them, 5,368 units fell under the renter-by-necessity category. Sixty-two communities broke ground in 2025, dropping almost a third year-over-year.

4. Atlanta

Atlanta placed fourth among the top metros for multifamily construction in 2025, with 94 communities encompassing 22,026 units delivered. The total number of units completed was almost 21 percent lower than the one registered in 2024, when 27,787 apartments across 130 projects came online.

In July, Crescent Communities and Phoenix Capital Management opened Render Stockbridge, a 297-unit property in Henry County, Ga. The ownership broke ground on the development in 2023 using funds from a $45 million construction loan.

At the beginning of the year, 133 properties were under construction, which are expected to generate 27,456 units upon full build-out. Out of them, 4,464 apartments belong in the renter-by-necessity sector.

Among the top 10 metros for multifamily deliveries, Atlanta had the smallest number of affordable units underway, clocking in at 2,742. This represented 12 percent of its under-construction pipeline.

5. Charlotte, N.C.

Charlotte, N.C., ranked fifth nationally, with 19,875 units completed across 82 projects. This marked the largest year-over-year increase among the top 10 markets, as 16,935 apartments were delivered in 2024—although across 83 properties.

A total of 117 developments were under construction at the beginning of the year, which are expected to generate 28,781 units upon completion. Out of them, only 13 percent—3,863 units—belonged in the renter-by-necessity sector, the smallest share among the top 10 metros.

Last year, 45 communities broke ground, slightly below 2024’s 53 properties. One of them is Spectrum Indian Trail, a 320-unit luxury project in Indian Trail, N.C. A partnership between The Spectrum Cos. and Heitman is working on the development scheduled to come online early next year.

6. Denver

Denver saw 89 properties totaling 19,110 units come online in 2025, maintaining its ranking year-over-year. However, last year’s figures dropped compared to the ones registered in 2024, when 104 developments encompassing 23,849 apartments were completed.

A total of 47 communities broke ground in 2025, 10 less than a year prior. Out of them, 20 were designated as affordable. Despite that, only 19 percent of the units underway belonged to this subsector. A total of 105 projects encompassing 22,940 units were under construction at the beginning of this year.

7. Houston

Houston is the third Texan market featured on this list. The metro saw 68 multifamily properties come online in 2025, which added 16,339 units to its inventory. These figures were considerably below 2024’s, when 107 developments comprising 27,838 apartments came online, marking the largest drop year-over-year among these metros.

A total of 48 properties broke ground in 2025, marking a 22 percent decline compared to the year before. At the beginning of 2026, 27,183 units were under construction across 113 projects. One of these developments is Williams Ranch Vista, a 375-unit community in Fort Bend County, Texas. Vista Residential Partners started work on it last May.

8. Orlando, Fla.

Orlando, Fla., remained one of the hotspots for real estate developers in 2025, with 16,183 units completed across 64 communities. Following national trends, these figures were below the ones registered in 2024, when 73 properties totaling 19,298 apartments came online. The market experienced a 16 percent year-over-year decline.

At the beginning of this year, Orlando had only 87 properties under construction, the smallest number out of this list. Upon completion, these projects are set to add 20,867 apartments to the metro’s inventory.

A total of 46 properties broke ground last year, a decrease from the 52 that started construction in 2024. ZOM Living is active in this market, as well. The firm, in partnership with Mattoni Investments and The Wideman Co., kicked off construction on Azalea Lake Mary, a 178-unit project in Lake Mary, Fla.

9. Miami

Miami, the second Florida market on the list, saw a sharp year-over-year pullback in deliveries, with 62 communities totaling 15,216 units completed last year. That represents nearly a one-third decline from 2024, when 83 projects totaling 22,576 apartments came online.

Miami had 125 properties underway at the beginning of this year, which are set to encompass 32,455 units. Out of them, only 5,884 apartments fall under the renter-by-necessity category, about 18 percent of the metro’s total pipeline.

The number of communities that broke ground in 2025 dropped year-over-year, from 59 projects to just 53. In November, Key International and 13th Floor Investment started construction on Skye, a 327-unit community in Delray Beach, Fla.

10. Los Angeles

Rounding out the top 10 metros for multifamily deliveries is Los Angeles. Ninety communities totaling 11,909 units came online in 2025, on par with the figures registered a year prior, when 91 projects—11,764 apartments—were completed.

At the beginning of this year, 178 properties were under construction. These developments are set to consist of 26,703 units, out of which 10,040 belong to the renter-by-necessity category. The metro had the largest share of RBN apartments underway out of this list, clocking in at 38 percent.

A total of 49 developments broke ground in 2025, down from 61 projects that began construction in 2024. Notably, 49 percent of last year’s starts were designated as affordable housing, once again putting the metro in the spotlight.