Markets Delivering the Most New Apartments in 2024

In 2024, nearly 588,900 apartment units delivered across the nation, reaching the highest level since 1974. Markets in the South region captured the lion’s share of new supply in 2024, accounting for 58% of completions, according to data from RealPage Market Analytics. Ten markets across the country delivered more than 15,000 units during the year, led by just over 35,400 units in Dallas. Two other apartment markets in Texas – Austin and Houston – each received around 25,000 to 31,000 units in 2024. Several other South region markets, including Atlanta (24,134 units), Charlotte (17,175 units) and Raleigh/Durham (15,616 units) were among the nation’s top 10 supply leaders in 2024. Two West region markets (Phoenix with 26,216 units and Denver with 19,937 units) and two Northeast region markets (New York with 18,776 units and Newark with 15,566 units) also landed among the nation’s top 10 supply leaders in 2024. Of these top 10 markets for new supply in 2024, all but New York and Newark registered record supply levels during the year. No Midwest markets made the top 10 list. The Midwest leader – Minneapolis – added roughly 9,200 apartments in 2024, ranking #19 nationally.