The trajectory of apartment starts within the top 10 multifamily permitting markets is shifting, according to RealPage’s June market analysis.
But top regions on the firm’s ranking remain largely unchanged from May, with nine markets returning to the list and the top five retaining their places within the ranking. New York, Dallas, Houston, Austin and Phoenix again topped the list of markets with total units permitted for the year. However, the firm noted that starts in Dallas and Houston have increased while they have slowed sharply in New York, Austin and Phoenix.
Units permitted in New York fell 7.2% year-over-year in June. Austin and Phoenix’s starts fell by 30.1% and 31.4%, respectively. Meanwhile, permitting in Dallas was up 21.1% and permitting in Houston was up 29.3%.
The remainder of the top 10 included Atlanta, Orlando, Newark, Columbus and Miami. Starts were up nearly 48% in Orlando and 25% in Newark and Columbus, while Atlanta saw permitting decrease by about 5% and Miami permitting fell nearly 23%, although it experienced a late rally of more than 1,500 units from May to June. Los Angeles dropped out of the top 10.
Eight of the top 10 permitting markets saw a decrease in annual starts in the second quarter 2Q25, indicating their starting momentum is still slowing, said RealPage. Only Miami and Houston experienced an increase in annual starts from quarter to quarter.
Other markets with significant year-over-year increases in multifamily permitting include Chicago, Des Moines, Fayetteville, Detroit, Bridgeport and Anaheim. Markets with significant year-over-year decreases in annual multifamily permitting in the year-ending June were Washington, Los Angeles, Tampa, San Jose and Minneapolis-St. Paul.
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