New construction is moderated, the under-construction pipeline is robust, and elevated deliveries are anticipated for 2024 and 2025, according to Yardi® Matrix’s first quarter 2024 Multifamily Forecast Supply.
The multifamily markets tracked by Yardi Matrix had just under 1.25 million units under way in the first quarter 2024, 483,207 of which are currently in lease-up and expected to come online in 2024. The figure is just below the six-month average of 518,075 units and 8.7 percent behind the last quarter.
Meanwhile, the remaining 766,353 units will be completed in late 2024 through early 2026. This figure represents a 9.9 percent quarter-over-quarter increase and a 36.6 percent year-over-year increase.
“The large under-construction pipeline will deliver a record level of new supply in 2024, and a relatively large amount