Despite Uptick, 2nd Quarter Apartment Supply Hits Below Recent Peaks

After falling to a four-year low in early 2026, apartment deliveries posted a modest uptick in 2nd quarter 2026.

Roughly 77,700 new units wrapped up construction in the April to June time frame, at a volume that was up slightly from the 74,200 units completed in 1st quarter 2026. Even with that quarterly increase, however, completions remained well below the record-setting volumes seen during the recent construction surge from 2024.

This marked only the third quarter in the past 13 in which completions hit below the 100,000-unit threshold. Quarterly deliveries first surpassed 100,000 units in 2nd quarter 2023, the first time since RealPage Market Analytics began tracking the U.S. apartment market in the 1990s.

That launched a six-quarter streak of rising supply volumes that culminated with a peak of roughly 160,000 units in 3rd quarter 2024. Since then, completions have steadily moderated as the apartment market moves beyond its historic supply wave.

This marks a new phase in the apartment cycle, as supply pressures continue to moderate following the industry's historic construction boom.

The South region continued to account for the largest share of new apartment completions, logging delivery for over 40,000 units during 2nd quarter. That represented an increase of about 180 units from 1st quarter levels but remained far below the region's peak of over 92,200 units reached in 3rd quarter 2024. Supply in the South was more than double the volume of units completed in the next most prolific region: the West (17,400 units).

Softer delivery volumes were seen in the Midwest (11,200 units) and Northeast (9,000 units) during 2nd quarter 2026.

Markets seeing the most new deliveries in 2nd quarter were Dallas and Phoenix, where completions were north of 4,000 units in the April to June time frame.