Matrix Research Bulletin-Multifamily Supply Forecast-Q2 2025

Multifamily Muddles Through the Uncertainty

Multifamily construction starts have declined significantly from the 2022 cycle peak, but a still large under-construction pipeline will deliver some 536,000 units in 2025 and 422,000 units in 2026. However, current tariff policy is adding a greater-than-normal level of uncertainty to later years.

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