Continued resilience in new construction starts has prompted Yardi Matrix to increase its forecast for U.S. multifamily completions in 2026, 2027 and 2028.
High-supply markets are seeing steady new development while smaller markets are making up for their moderate supply growth in the last market cycle. Those factors, along with an economic environment that’s generally supportive for multifamily, a decline in the under-construction pipeline in fourth quarter 2025 and sluggish existing home sales, “should support rental rates and new supply absorption” in 2026, according to Yardi Matrix’s multifamily supply forecast.
Yardi Matrix increased its forecast for completions in 2026 by 6.4 percent, with the 2027 forecast jumping by 8.1 percent and the 2028 forecast rising 8.9 percent. More than 1.3 million units of market rate, partially affordable, fully affordable, senior and single-family rental housing are projected to be delivered during that time.
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