Supply Forecast

Multifamily construction starts increased slightly in Q3 2023, and should have a positive impact on future deliveries, states the latest Multifamily Supply Forecast from Yardi Matrix.6 percent in the third quarter.

Written by Leah Etling

11 / 10 / 23

2 min read

Multifamily construction starts increased slightly in Q3 2023, and should have a positive impact on future deliveries, states the latest Multifamily Supply Forecast from Yardi Matrix.

Construction starts remained relatively robust in the first half of 2023, and the under-construction pipeline increased 7.6 percent in the third quarter. As a result, the Q4 2023 supply forecast update has increased forecast completions 5.8 percent for 2024 and 6.2 percent for 2025.

For multifamily markets tracked by Yardi Matrix, there are currently 1,223,601 units in the under-construction pipeline. Of these units, 479,634 are currently in lease-up, roughly in line with the trailing six-month average of 483,000 units but some 15.9 percent above year-ago levels. Most of these units will be completed this year or in the first half of 2024.

Multifamily construction starts held at a relatively high level through the first half of 2023. As a result, the number of under-construction units not in lease-up continues to increase. Currently there are 743,967 units, a 16.2 percent quarterly increase and a 35.3 percent increase over year-ago levels. These units will most likely be completed in 2024 or 2025.

Find more insights on forthcoming multifamily supply from Yardi Matrix.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.

AUTHOR

Leah Etling is the founding editor of the Balance Sheet and a 12-year Yardi employee who also oversees press releases and social media. An award winning journalist, she holds a master's degree from UC Berkeley and is a native of Santa Barbara County, Yardi's home.

Recent articles

The 11 Yardi Voyager Residential questions property managers ask most

Yardi Voyager Residential is the residential edition of Yardi Voyager, a cloud-based property management platform that runs accounting, leasing, operations and reporting on a single database for multifamily, affordable housing, senior living, student housing, HOA and build-to-rent portfolios. This guide answers the 11 questions property managers ask most before adopting it.

10 / 30 / 26

Voyager Residential

Aspire

Welcome to the Yardi Senior CRM Road Show: Lessons, learning and more in six cities

Senior living CRM tips from operators on the road

Four senior living operators share CRM tips and results from the Yardi Senior CRM Road Show. See what they learned and get the free white paper.

10 / 30 / 26

Senior living

Events

Fall 2026 Aspire product update: New tools for every role

The Fall 2026 Aspire product updates bring a supervisor dashboard, a custom dashboard builder, a new learning plan experience, Open Threads and enhanced surveys and polling.

10 / 30 / 26

Multifamily

Affordable housing

Supply Forecast

Leah Etling

Recent articles

The 11 Yardi Voyager Residential questions property managers ask most

Senior living CRM tips from operators on the road

Fall 2026 Aspire product update: New tools for every role

We’re here to help