Apartment completions continue to slow down — but supply volumes remain elevated, according to a RealPage analysis. The firm stated that 2025 marks the end of a very strong apartment supply run, which recorded nine consecutive quarters of record competition volumes in the second quarter.
The supply streak began during the second quarter of 2023, when completion volumes surpassed the 100,000-unit mark for the first time since the market started tracking them. Delivery totals peaked during the third quarter of 2024, before ebbing slightly during the last three months of 2024 and then falling sharply in the first half of 2025.
Completions totaled 108,200 units from April to June, well below the third quarter of 2024, when 159,000 units were delivered, said RealPage. The first quarter total reached 116,000 units.
New apartment deliveries continued to be strongest in the South, with 57,800 units completed during the second quarter. The region, however, experienced the steepest pullback, with 6,900 fewer units delivered during the three months through June than during the first quarter, and even fewer than the peak achieved during Q3 2024.
Nearly 25,700 units were delivered in the West during the second quarter, approximately 2,500 fewer units than during the first quarter. Deliveries in the Midwest totaled 12,600 units, while in the Northeast, the second quarter total reached 12,200 units. Both were up slightly from the first quarter but still down from recent peaks.
“The Northeast peak came later than other regions in fourth quarter 2024, when nearly 14,600 units were delivered,” the report said. “Quarterly supply in the Midwest peaked a year before the other regions, hitting at about 18,900 units in late 2023.”
Dallas, New York, Phoenix and Austin saw the most deliveries during the second quarter, each adding more than 5,000 units between April and June and recording nation-leading annual volumes exceeding 22,000 units.
In each of these markets, however, the volume of product delivered in the second quarter has decreased from recent peaks, according to RealPage.
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