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By Joel Nelson on August 19, 2025 in Matrix
After re-evaluating the multifamily supply pipeline, Yardi Matrix revised its completions forecast upward, estimating a 2.1% increase this year and increases of 1.8% and 2.9% in 2026 and 2027, respectively.
The revised forecast, driven by a slightly larger than anticipated under-construction pipeline, estimates completions will total approximately 550,000 this year, 430,000 in 2026 and 360,500 in 2027.
For markets that Yardi Matrix tracks for at least 24 months, the under-construction pipeline, which peaked in March 2024, ended the second quarter of 2025 with just over 1 million units, a decline of 6.5% quarter-over-quarter and 16.4% year-over-year.
On another front, year-to-date construction starts are close to the level seen in the same period last year and will total about 120,000 units for the full year.
Meanwhile, the affordable housing segment could receive a boost from the recently enacted One Big Beautiful Bill Act, which increases federal funds for the Low-Income Housing Tax Credit program and reduces the tax-exempt bond financing threshold for LIHTC credits.
Get more insight about the multifamily segment from the Yardi Matrix Supply Forecast Bulletin for Q3 2025.
