Multifamily Completions Reach 50-Year High, Dropping Asking Rents To 2-Year Low

“Annualized multifamily completions as of August totaled 740,000 units, a 50-year high, according to a RealPage report. That is up 79% year-over-year as pent-up, pandemic-era supply is coming to the market.

Those completions have flooded the market, pushing developers to drop rents amid the competition. Asking rents in new construction fell to $1,746 in the second quarter, down 6.2% from a year ago and the lowest level since 2022, according to Redfin.“