Top 10 Markets for Multifamily Deliveries in H1 2026

Multifamily deliveries in the first half of the year declined sharply across the U.S. Developers completed 203,073 units across 994 properties this year through June, down 41.3 percent from the same period last year and 34.7 percent from the first half of 2024, according to Yardi Matrix data.

The slowdown has begun to redraw the development map. Sun Belt metros continue to dominate the ranking, but many are now working through the back end of multiyear supply surges that have weighed on rents and occupancy. New York and Northern New Jersey stand apart, pairing comparatively resilient deliveries with accelerating construction starts and stronger Northeast fundamentals.

The 10 markets below accounted for 75,604 completed units, or 37.2 percent of all multifamily deliveries in H1 2026. Their combined delivery volume fell 32.9 percent year-over-year, a milder contraction than the U.S. overall. Combined, the 10 metros also had 308,091 units under construction as of June, roughly 80 percent of which were Lifestyle apartments.

Construction starts offer the clearest glimpse of what comes next. Groundbreakings declined 21.2 percent year-over-year across the ranked metros, but movement was far from uniform. Austin’s pipeline pulled back sharply, while developers accelerated in Northern New Jersey, New York, Houston and, more modestly, Los Angeles.

Key highlights

• Dallas and Phoenix were the only metros to surpass 10,000 deliveries during the first half.
• Charlotte recorded the strongest inventory expansion, with deliveries equal to 3.0 percent of existing stock.
• Austin posted the steepest annual drop in completions, while Northern New Jersey registered the smallest decline.
• Lifestyle apartments represented roughly four out of every five units under construction.
• New York led the group in construction starts and Renter-by-Necessity units underway.
• Starts increased in Northern New Jersey, New York, Houston and Los Angeles.

This ranking is based on multifamily deliveries in H1 2026 across markets tracked by Yardi Matrix. Delivery trends, inventory growth, active pipelines and construction starts provide additional context.

1. Dallas

Dallas retained the top spot with 12,108 units completed across 53 properties during the first half. That distinction comes with an important qualifier: Deliveries fell 39.3 percent from the 19,934 units completed a year earlier, suggesting that the Metroplex has moved beyond the peak of its recent construction cycle.

Yet, no other market has as much supply still working its way toward completion. Dallas had 53,165 units under construction as of June, with Lifestyle apartments making up 86.5 percent of the pipeline. Starts fell 43.1 percent to 8,340 units, but the metro still ranked second in this category, behind New York.

A recent refinancing also illustrates how the market is moving from construction into lease-up and stabilization. Conor Commercial Real Estate and Globe Corp. secured a $78.3 million construction takeout loan for The Flynn at Live Oak, a newly built, 327-unit luxury community.

2. Phoenix

Phoenix added 11,350 units in 47 properties, down just 12.5 percent year-over-year and 5.6 percent above the first-half 2024 volume. Rather than a sharp retreat, the figures point to the later innings of a supply cycle that remains unusually active.

New units expanded Phoenix’s inventory by 2.7 percent, the second-highest rate in the ranking. Another 29,455 apartments were underway, including 6,188 Renter-by-Necessity units, while construction starts declined a relatively moderate 10.5 percent to 7,248 units.

Spring rent gains signaled some stabilization, including the metro’s first positive trailing three-month reading since May 2024, although elevated deliveries continue to limit pricing power. Phoenix’s comparatively modest drop in starts also suggests that developers have not stepped away from the market as decisively as they have in Austin or Dallas.

3. New York

New York’s 8,447 deliveries were down 9.7 percent year-over-year, one of the smallest declines in the ranking. The total was also more than double the first half of 2024 volume, illustrating how quickly the metro’s development pipeline has expanded.

Unlike most of the Sun Belt markets on this list, New York is adding supply against a backdrop of strong rent growth and exceptionally tight occupancy. Those fundamentals help explain why developers started 10,130 units during the first half, up 44.4 percent from a year earlier and the highest total among the 10 metros.

New York also had 43,901 units under construction, including 11,462 Renter-by-Necessity apartments, the largest such pipeline in the ranking. Development extends well beyond the five boroughs: The Alary, a recently completed 315-unit community in New Rochelle, secured $145.3 million in bridge financing and preferred equity early this year.

4. Charlotte

Charlotte delivered 7,900 units across 31 properties, down 29.3 percent year-over-year. The figure understates the pressure of recent construction because the new supply was layered onto record completion volumes from the previous cycle.

Even after the slowdown, completions expanded Charlotte’s multifamily inventory by 3.0%, the largest proportional increase among the ranked markets. Yet the metro entered 2026 after absorbing record levels of new supply, providing some cushion against the elevated construction wave.

One of the latest additions is J Optimist Park, a 350-unit luxury community completed by Jefferson Apartment Group. The project replaced a former industrial warehouse near the urban core, reflecting the infill redevelopment accompanying Charlotte’s broader suburban expansion.

Charlotte still had 25,061 units underway as of June, but starts fell 42.2 percent to 3,785 units. The pipeline is not emptying, but the pace behind it is normalizing.

5. Austin

Austin offers the clearest example of a market moving from boom to reset. Developers completed 6,388 units during the first half, down 63.3 percent from 17,409 units during the same period of 2025, the steepest decline in the ranking.

The pullback extended to new projects. Starts plunged 76.2 percent to 2,126 units, placing Austin last among the top 10, although another 22,328 apartments remained under construction. The abrupt slowdown follows years of exceptional development and absorption. The abrupt slowdown follows years of exceptional development. By June, Austin’s advertised asking rents were down 4.0% year-over-year, as persistent supply continued to weigh on the market.

Not all additions have targeted the upper end of the market. Housing Trust Group and AM Affordable Housing recently completed Red Oaks, a 70-unit community reserved for households across several income bands. The project is a smaller counterpoint to Austin’s Lifestyle-heavy pipeline and its widening need for attainable housing.

6. Northern New Jersey

Northern New Jersey completed 6,355 units across 24 properties, down only 8.8 percent year-over-year. This was the smallest decline in the ranking, while the volume was nearly twice the number of apartments delivered during the first half of 2024.

The metro’s supply story increasingly resembles New York’s rather than that of the Sun Belt. Comparatively tight occupancy and access to New York City continue to support dense construction in Jersey City, Newark and surrounding commuter markets.

Starts surged 85.0 percent to 4,489 units, the strongest percentage increase among the top 10. Meanwhile, Lifestyle apartments accounted for 91.8 percent of the 24,504-unit active pipeline. One of the larger projects moving forward is Imperial Tower, a 56-story Journal Square development that will combine 542 apartments with retail and hotel space. The project recently secured $220 million in construction financing.

7. Miami

Miami gained 6,210 units across 23 properties, down 20.8 percent year-over-year. Completions expanded existing inventory by 1.5 percent, but the active pipeline shows that South Florida’s construction cycle still has room to run.

Another 34,655 units were under construction as of June, the third-largest total in the ranking. Starts declined 41.9 percent to 4,813 units, suggesting a widening gap between projects already financed and underway and the next wave of development.

Even so, major transit-oriented and mixed-use projects continue to attract capital. The final residential phase of Link at Douglas, one of Miami’s largest transit-oriented developments, recently secured $134 million in construction financing. The 37-story Crescendo tower will add 392 apartments to the 7-acre master plan.

Miami’s pipeline therefore looks less like a sudden stop and more like a selective narrowing, with large, well-capitalized developments continuing to advance even as the broader number of starts falls.

8. Los Angeles

Los Angeles added 5,818 units across 36 properties, down 20.8 percent year-over-year but 15.4 percent above the first-half 2024 total. Deliveries amounted to just 1.1 percent of inventory, reflecting the metro’s large multifamily base.

Its development mix also differed from the other leading markets. Renter-by-Necessity apartments accounted for 37.3 percent of the 24,827 units under construction, the highest share in the ranking. Starts edged up 1.4 percent to 3,827 units, making Los Angeles one of only four markets to record an increase.

Some of that new supply is taking unconventional forms. Jamison Services began converting a 620,000-square-foot office building into 686 apartments in January after securing a $195 million construction loan. The project would become the market’s largest office-to-residential conversion upon completion, pointing to one way Los Angeles can add housing outside conventional ground-up development.

9. Houston

Houston’s delivery pipeline contracted sharply, with 5,815 units completed across 25 properties. The total was down 47.2 percent from the first half of 2025 and 61.7 percent from the same period of 2024.

Relative to Houston’s vast inventory, the new units barely moved the needle. Deliveries represented just 0.7 percent of existing stock, the lowest share among the ranked markets. The active pipeline remained sizable at 32,506 units, however, and the direction of new construction has already changed. Starts increased 33.1 percent to 7,874 units, the third-highest volume in the group.

Wood Partners recently broke ground on the 204-unit Alta Timberline in suburban Tomball, while Trammell Crow Residential and Haseko North America are advancing the 366-unit Allora Fallbrook in northwest Houston. The two projects illustrate the suburban tilt of current development even as the metro’s overall delivery wave recedes.

10. Tampa

Tampa rounded out the ranking with 5,213 units delivered across 19 properties. Completions fell 39.3 percent year-over-year but remained 6.3 percent above the first-half 2024 total, while new supply represented 1.8 percent of existing inventory.

The market is still digesting a sizable construction wave, and its pipeline is beginning to thin. Tampa had 17,689 units under construction, the smallest total among the top 10, while starts declined 40.7 percent to 2,776 units.

Development has not stopped, but it is becoming more targeted. Hillpointe recently secured $67 million for Pointe Grand Interbay at Tampa, a 408-unit workforce housing community expected to open in June 2027. The project is advancing under Florida’s Live Local Act, highlighting the role of affordability incentives as conventional market-rate construction slows.