While apartment supply has peaked nationally, some local markets have not yet hit their own pinnacle. For the most part, the larger construction markets have peaked. Houston supply hit an apex in mid-2024, while Dallas, Austin and Phoenix are scheduled to see supply volumes peak this quarter. But some markets with lower supply waves – generally speaking – have yet to peak. Out of the nation’s largest 50 apartment markets, 13 are set to hit their highest supply volumes in the back half of 2025 or beyond, according to data from RealPage Market Analytics. For the most part, these deliveries are set to increase existing unit counts in these markets by around 2% or lower, which registers below the national norm. Markets scheduled to see supply peaks by 3rd quarter 2025 include Boston, Detroit, Fort Lauderdale, Kansas City and Memphis. Peaks are expected in Ohio markets Cleaveland and Columbus and also New York in the last few months of 2025, while Newark should follow closely with a peak in early 2026. High points are also expected in calendar 2026 in a handful of California markets and in Greensboro.
