After a historic wave of apartment construction, supply appears to have peaked nationally, but some local markets have yet to fit this standard.
Most larger construction markets are past their peak, according to a RealPage analysis. Houston, for example, hit an apex in mid-2024, and Dallas, Austin and Phoenix are likely to see supply volumes peak this quarter. However, 13 of the nation’s 50 largest apartment markets won’t see their highest supply volumes until the second half of 2025 or later, the report said. These deliveries generally are set to increase existing unit counts in those markets by about 2% or less, which is below the national norm, according to RealPage.
Boston, Detroit, Fort Lauderdale, Kansas City, and Memphis are expected to peak by the third quarter, while Cleveland and Columbus, Ohio, and New York are likely to do so in the fourth quarter. Also, Newark should see its peak in early 2026. A few California markets, as well as Greensboro, are also expected to follow suit next year.
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Peak annual supply is expected during the third quarter at 8,336 units in Boston, 3,213 units in Detroit, 6,044 units in Fort Lauderdale, 4,636 units in Kansas City, and 1,542 units in Memphis. Peak supply during the fourth quarter of 1,981 units is expected in Cleveland, 8,091 units in Columbus, and 31,310 units in New York.
Newark is set to peak at 21,844 units during the first quarter of 2026, while Anaheim, Los Angeles and San Diego are set to hit their high points in Q2 2026 at 5,361 units, 16,091 units and 7,766 units, respectively. Greensboro’s supply peak of 2,585 units is expected during the third quarter next year.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
