Top 10 Markets for Multifamily Deliveries

Sun Belt cities make up the bulk of this list with eight entries, according to Yardi Matrix.

In 2024, developers completed more than 550,000 units, Yardi Matrix data shows. The top 10 metros for multifamily deliveries had a combined 204,333 units come online—more than a third of the U.S.’ entire completion volume—a number that highlights how uneven supply growth trends have become.

The large number of multifamily units under construction will ensure sustained growth this year as well. However, the drastic decline in new starts last year signals the approach of the tail end of this supply surge, likely to be felt fully by 2026 and 2027, the latest Yardi Matrix Multifamily Outlook shows. Here is our list of the top 10 markets for multifamily deliveries in 2024.

Key takeaways:

  • Nationwide, completions increased 4.7 percent year-over-year, to 552,910 units delivered in 2024.
  • The 10 metros on this list had a combined 204,333 units come online.
  • Miami was the only market on this list where completions decreased since 2023.
  • A total of 113,989 units broke ground last year across these 10 metros, 49.3 percent less than in 2023.

1. Dallas

Exterior shots of The Links on PGA Parkway in Fresco, Texas.
The Links on PGA Parkway will consist of 1,310 units upon full build-out. Image courtesy of Carbon Cos.

Dallas-Fort Worth took the lead as the nation’s most active multifamily market for new construction in 2024. Last year, developers completed 33,276 units across 127 projects—a 27.9 percent increase from 2023’s total. Dallas’ continued economic and demographic growth led to sustained housing demand through the past couple of years, especially for upscale assets, which made up most of completions.

The Metroplex’s multifamily pipeline is projected to continue growing in 2025 and beyond, albeit at a slower pace. In line with nationwide trends, new construction starts declined—a total of 18,836 units broke ground last year, less than half of the 41,141 units that begun construction in 2023.

Dallas-Fort Worth had 65,702 units under construction at the beginning of this year, by far the most out of all metros on this list. According to the latest Yardi Matrix forecast, more than 30,000 of these are projected to come online this year.

In October last year, Carbon Cos. secured a $138 million bridge loan to refinance the first two phases of The Links on PGA Parkway in Frisco, Texas. The project’s third and fourth phases are slated to add an additional 620 units, making it one of the largest upcoming multifamily developments in the market.

2. Austin, Texas

Image of Camber Ranch multifamily property in Austin, Texas.
Camber Ranch comprises 22 buildings across 35 acres. Image courtesy of Yardi Matrix

The second Texas metro on this list clocked in at rank two for multifamily completions. Austin added 25,217 units to its inventory last year, with 89 projects completed. This was 35.8 percent more than the 18,571 units finished in 2023.

Austin also had the largest share of units completed in working-class Renter-by-Necessity properties on this list, at 20.9 percent.

In February last year, Legacy Partners and Bridge Investment Group completed Camber Ranch. At 483 units, it was the largest multifamily property to come online in the metro. Development partners also included Peritia Partners, architect Humphreys & Partners and HPA Design Group.

A total of 11,682 units broke ground across the metro in 2024, which was about half of the 21,223 that started construction in 2023. Austin had 47,757 units under construction, of which roughly 22,000 are projected to come online this year.

3. Atlanta

Rendering on Render Douglasville, a 300-unit future development in Douglasville, Ga.
RENDER Douglasville is the developer's fourth Atlanta property under the same brand. Image courtesy of Crescent Communities

Atlanta clocked in on the third spot among the top metros for multifamily construction in 2024, with 23,596 units added across 108 properties. This amount was on par with 2023’s total. Suburban submarkets remained the most active, encompassing most of the deliveries, as well as most of the units under construction.

Atlanta developers broke ground on 13,646 units last year, down to nearly half of the 25,239 units that started construction in 2023. Of the total 38,072 units underway in the metro, roughly 19,000 are expected to come online this year.

One of the largest projects under construction is Crescent Communities’ RENDER Douglasville. The 300-unit development will comprise five four-story buildings in Douglasville, Ga., within a 59-acre mixed-use campus. It is slated for completion in 2026.

4. Phoenix

A rendering of the mixed-use destination in Tempe Town Lake, Ariz.
The master-planned South Pier is slated to eventually include condominiums, multifamily, hotel and office space. Image courtesy of Cantor Fitzgerald

Phoenix remained at the top of real estate developers’ lists in 2024, with 21,504 units added across 91 projects. Completions grew 25.7 percent year-over-year, as the metro’s rapid population and economic growth kept demand for more housing at elevated levels.

Construction starts fell 26.4 year-over-year, however, with Phoenix developers breaking ground on 17,718 units in 2024. The metro had 47,301 units underway at the end of the year. Yardi Matrix expects roughly 26,000 units to be completed in 2025.

One of the largest projects nearing completion is the $1.8 billion South Pier, in Tempe, Ariz. In October last year, Cantor Fitzgerald and Silverstein Properties topped off Shorehaven, the first phase of the mixed-use development. The three towers include 722 luxury residential units and 26,000 square feet of retail.

5. Houston

Rendering of Resia Ten Oaks, a mid-rise multifamily community in Houston
Resia Ten Oaks encompasses three 12-story building. Image courtesy of Resia

The third Texas metro on this list, Houston ranked fifth overall, with 21,283 units completed in 81 multifamily projects. Deliveries increased 17.1 percent year-over-year. More than 83 percent of deliveries last year were in West Houston.

Resia completed Resia Ten Oaks early last year. At 573 units, it was the largest multifamily community to come online in the metro. A year prior, the developer secured a $97 million construction loan for the project, provided by Santander Bank.

A total of 9,116 units broke ground in Houston last year, down to less than half of the 22,440 that started construction in 2023. Supply growth is still projected to remain healthy, however, as developers had 32,857 units underway, of which roughly 15,000 are projected for completion this year.

6. Denver

Highrise building seen from middle distance.
Skyline at Highlands is located in the northwestern part of Denver. Image courtesy of Grand Peaks

Developers completed 18,248 units in 79 projects across metro Denver last year, placing it sixth nationwide among the top metros for multifamily construction. Completions were up 50.3 percent year-over-year, the sharpest increase on this list.

In July last year, Grand Peaks debuted Skyline at Highlands, Colorado’s largest multifamily project in two decades. The company partnered with Denver Public Schools Foundation for the 533-unit development. Bank OZK provided a $158 million construction loan in 2022.

Denver developers started work on 6,678 units in 2024, 62.6 percent less than the 17,862 that broke ground a year prior. The metro had 34,003 units under construction, about half of which are expected to come online by the end of this year.

7. Miami

A daytime aerial rendering of Upland Park in West Miami-Dade County in Florida.
Upland Park will be the largest public-private, transit-oriented development in Miami-Dade County's history. Besides apartments, plans also call for 282,000 square feet of retail and approximately 414,000 square feet of commercial space. Image courtesy of Terra

Miami consistently shows up on top real estate growth lists, and this one is no exception. Developers added 16,507 units in 63 to the market last year. This was a 5.7 percent decrease from 2023’s total, with developers finally slowing down the pace after several years of intense expansion.

Still, the metro will likely continue to attract significant investments. At the end of last year, for example, Florida-based developer Terra announced it will begin construction of Upland Park, a $1 billion mixed-use project in West Miami-Dade County. The first phase will include 578 units, for which Terra secured $170 million in construction financing. At full build-out, Upland Park is slated to comprise more than 2,000 units.

Developers broke ground on 9,988 units across the metro last year, which was down to less than half of the 20,375 that started construction in 2023. Miami had 39,188 units underway, of which roughly 14,000 are expected to come online this year.

8. Orlando, Fla.

The development at 4201 W. 1st St. in Sanford, Fla.
Tuscany Village will consist of seven four-story buildings and include a fitness center, swimming pool and a 9,000-square-foot clubhouse. Image courtesy of LandSouth Construction

The second Florida metro on this list, Orlando clocked in on the eighth spot for multifamily deliveries, with 15,936 units across 59 properties added last year. This was a 12.0 percent increase from 2023’s volume.

Orlando developers had 27,161 units under construction at the beginning of the year. In May last year, a joint venture of Royal Palms Cos. and Mattoni Group broke ground on Tuscany Village. At 420 units, it is one of the largest multifamily projects currently underway in the metro. The developer paid $12.7 million for the site, with completion scheduled for 2026’s second quarter.

Last year, a total of 10,061 units broke ground across metro Orlando, a 32.9 percent decrease year-over-year. Yardi Matrix expects roughly 14,000 units to come online this year, should market conditions remain stable.

9. Charlotte, N.C.

Rendering of community shared space at Bainbridge Mallard Creek, a 320-unit development in Charlotte, N.C.
Bainbridge Mallard Creek's five buildings will feature units ranging from 783 to 1,370 square feet. Image courtesy of Bainbridge Cos.

Charlotte, N.C., placed ninth among the top metros for multifamily construction in 2024, with a total of 70 projects and 14,556 units delivered—up 18.7 percent year-over-year. This was Charlotte’s best year for multifamily completions this decade.

Construction starts amounted to 8,929 units last year, down to less than half when compared to the 20,963 units that developers started working on in 2023. In November last year, Bainbridge Cos. started work on Bainbridge Mallard Creek, a 320-unit luxury community—among the largest currently underway. It is slated for a 2026 completion.

Charlotte developers had 38,118 units underway at the end of last year. Yardi Matrix expects roughly 16,000 units to be added to the market this year.

10. Tampa, Fla.

Exterior shot of Altis Grand Suncoast, a multifamily community in Tampa, Fla.
Altman Cos. envisioned Altis Grand Suncoast to meet U.S. Green Building Standard certification, with features such as 100 percent energy efficient lighting. Image courtesy of Yardi Matrix

Tampa rounded out the top 10 metros for multifamily construction. The third Florida metro on this list added 14,210 units in 64 projects in 2024, which was a 29.4 percent increase year-over-year. Developers remained consistently focused on the upscale segment, with 92.4 percent of completed units in Lifestyle assets—the largest share among these 10 metros.

Altman Cos. completed one of the largest multifamily communities last year, the 449-unit Altis Grand Suncoast. The developer had broken ground on the project in late 2021. PNC Bank provided a $74 million construction loan.

In 2024, Tampa developers broke ground on 7,335 units. In line with nationwide trends, this was down to less than half of the 16,635 units that started construction in 2023. The metro’s supply pipeline included 22,503 units under construction, of which roughly 12,000 are projected to be completed this year.