- Roughly 82,000 apartment units were completed in Q3 2026, up for a second straight quarter, though it was the smallest third quarter for deliveries since 2019.
- Completions of about 231,000 units through September are down 27% from 2025, and only the Midwest is running ahead of last year’s pace.
- A lighter pipeline of about 77,000 units per quarter, versus 147,000 in 2024, gives landlords relief as new supply fades.
U.S. builders finished about 82,000 apartment units in Q3 2026, according to RealPage Analytics. That is the biggest quarter of the year but the smallest third quarter since 2019.
Deliveries have now risen two quarters running from a Q1 trough near 71,900 units, yet Q3 still landed at about half of the roughly 160,000-unit high.
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The Pace Is Still Slow
Quarterly volume has stayed under 100,000 units for five straight quarters. It first cleared that mark in Q2 2023 and crested in Q3 2024.
Through September, builders opened about 231,000 units, 27% fewer than in the same stretch of 2025. The 2026 run rate is near 77,000 per quarter, versus roughly 101,000 last year and 147,000 the year before.
South Still Leads
The South delivered about 41,100 units, close to half the national total. That trails Q3 2025 by 14% and sits more than 55% under the region’s Q2 2024 high of roughly 92,500.
The West added 18,700 units, up nearly 11% from Q2 but about 5,000 fewer than a year ago.
The Midwest Bucks the Trend
The Midwest posted about 13,100 completions. That is 23% above Q2 and 38% above Q3 2025, making it the lone region outpacing 2025.
The Northeast, at 9,121 units, alone slipped below its Q2 total, though its year-over-year decline was the mildest. Atlanta, Austin, Phoenix, Houston and Dallas each topped 3,000 units.
Why It Matters
Less new product is the backdrop for the rent outlook. RealPage’s own forecast, which CRE Daily covered, sees 2.4% apartment rent growth through Q3 2027.
The rebound off the Q1 low is modest next to the delivery wave that peaked in 2024, so owners face a far lighter pipeline than they did two years ago.
What’s Next
Starts will decide how long the supply lull lasts. CRE Daily reported that multifamily starts fell 25.9% as construction costs climbed, which points to a thin pipeline ahead.
