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2025 Multifamily Construction Starts Surprise to the Upside Year-to-date 2025 construction starts are running 4.5% above the same period in 2024, suggesting a total of 400,000 units or more in 2025. The under-construction pipeline is declining, but relatively strong new-development activity in 2025 means the pace of decline is decreasing. For the Q4 update, the Matrix new-supply forecast has therefore been increased for 2025, 2026 and 2027.
Year-to-date 2025 construction starts are running 4.5% above the same period in 2024, suggesting a total of 400,000 units or more in 2025. The under-construction pipeline is declining, but relatively strong new-development activity in 2025 means the pace of decline is decreasing. For the Q4 update, the Matrix new-supply forecast has therefore been increased for 2025, 2026 and 2027.
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