After hitting a 40-year high for completed units in 2023, the U.S. multifamily market is expected to see a 25% pullback next year that should help balance out the market.Roughly 590,000 units were completed last year, according to CoStar data, though only 444,000 units are projected to come on line in 2024. While this easing of new builds would likely be well-received by owners and property managers, it is still more than the five-year, pre-pandemic annual average of 360,000 units.
Source: What to Watch in 2024: Multifamily Outlook Offers Demand the Chance To Match Supply
