New apartment construction in the U.S. continues to be elevated in 2025, with an estimated 506,353 units expected for delivery by the end of the year, Yardi’s RentCafe reported. Although the figure is lower than the estimated 518,000 new units delivered in 2024, it remains significantly higher than the annual totals for each year since 2015.
“Accordingly, even with the historic wave now cresting, the volume of new deliveries remains considerably higher than average, reflecting continued high demand for rental apartments,” according to RentCafe. More than half the new units will open in the Sunbelt.
On a metro area basis, New York leads the U.S. for the fourth consecutive year with 30,023 new apartments set to open in 2025, beating Dallas by more than 1,000 units. While the New York metro total is down 8.65% from 2024, Dallas completions are projected to be 22.4% lower than last year.
At the city level, Austin comes in first with 15,195 expected completions for this year.
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