The U.S. multifamily construction pipeline is contracting at a historic pace, with the number of units under construction plummeting nearly 50% from its peak in the first quarter of 2023. This rapid drawdown in development is reshaping the supply outlook for the apartment sector and is most pronounced in several U.S. Sun Belt and Mountain West markets.
After leading US in multifamily construction for years, Sun Belt sees biggest plummet in building activity
Pipeline declines sharply, led by Austin, Texas, as well as Charlotte and Raleigh in North Carolina
CoStar Analytics
September 4, 2025 | 11:53 AM
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