Yardi Matrix Increases Multifamily Housing Completion Estimate for 2026

Supply seen declining in 2027 before rising again in 2028

SANTA BARBARA, Calif., Nov. 11, 2026 – Yardi^® Matrix estimates that multifamily housing completions for 2026 will increase 4.8% more than previously forecast.

The estimate for 2026, spelled out in a new bulletin, reflects updates to under-construction and completion data rather than a material change in forecast outlook. The bulletin notes that the mid-2026 runup in longer-term interest rates and inflation contributed to a slowing in new development momentum as the year progressed.

Looking to next year, Yardi Matrix reports that “the number of units under construction and in pre-lease continues to decline, suggesting that 2027 new supply will be below 2026 levels.” New supply in 2028 will increase relative to 2027 levels given current completion times.

Considering persistent fiscal deficits and elevated interest rates that suppress multifamily valuations but support income growth and employment trends, the longer-term forecast “assumes continued steady but unspectacular growth economic activity that supports continued household formation and absorption of new multifamily supply,” the bulletin states

Learn more about the multifamily supply forecast through 2031 in the Yardi Matrix Multifamily Supply Forecast Notes bulletin for Q4 2026.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.

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Yardi^® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.