Will Tariffs Impact Apartment Supply Peaks in West Coast Markets?

While U.S. apartment supply peaked in 2024, some West Coast apartment markets are set to see completion volumes crest in 2025 and 2026. The nation overall hit its annual supply peak in calendar 2024, when over 585,000 new units delivered across the U.S. Several large and mid-sized apartment markets have already hit delivery peaks as well, including West Coast markets Oakland, San Francisco and Salem, Oregon. But several West Coast markets are scheduled to see supply volumes crest by the end of 2025, including Riverside San Jose and Bakersfield. West Coast markets slated to see supply peaks in 2026 include Oxnard, Anaheim, Los Angeles and San Diego. However, one challenge that could impact future supply is the influence of tariffs on the construction industry. The market has already seen shifting timelines, including in Los Angeles, which could impact the way these supply peaks hit in the near term.

For more information on the state of apartment markets across the West Coast, including forecasts, watch the webcast Market Intelligence: Q2 California/Pacific Northwest Update.