NYC to Lead Apartment Deliveries in 2025, Asheville Tops Growth

Nearly 35K units of 500K are expected to be delivered in New York in 2025, the highest delivery load recorded since 2008.
Sun Belt cities like Phoenix, Charlotte, Raleigh, and Orlando rank among the national leaders, with Texas metros also adding significant supply.
Asheville, NC, leads with a 13.3% inventory growth rate, while other smaller markets like Huntsville, AL, and Fort Myers, FL, standing out.

Key Takeaways

According to RealPage, more than 500K apartment units are expected to be delivered across the U.S. in 2025—reaching records not seen since the Great Financial Crisis.

Markets Expecting the Most New Apartment Supply in 2025

By The Numbers

Although supply chain delays may temper these figures slightly, 14 markets will receive over 10K apartment units, with New York leading at nearly 35K. This record-breaking delivery represents a growth rate of 1.8%, a moderate pace for such a large market.

Phoenix, expected to deliver 29.6K units, shows a more substantial growth rate of 7%, driven by its surging demand and expanding population. Similarly, Los Angeles will set a record with 19.4K new units, peaking in 3Q25, though at a modest 1.6% growth rate.

Secondary Market Leaders

The Sun Belt remains a hotspot for apartment construction in 2025. Texas metros including Dallas, Austin, and Houston will each see 14K–27K new units, driven by population inflows and economic expansion. Charlotte, Raleigh, Atlanta, and Orlando also rank among the nation’s leaders in apartment supply growth.

Seattle and Denver represent the West region in the high-supply multifamily category, with substantial new deliveries reflecting continued demand for urban living in these markets.

Smaller Markets Outpace

While large metros are expected to dominate apartment deliveries by sheer volume, smaller markets will experience the highest growth rates.

Asheville, NC, is set to grow its inventory by 13.3%, leading the nation with over 3.5K new units. Other smaller markets such as Huntsville, AL, Wilmington, NC, Cape Coral-Fort Myers, FL, Savannah, GA, and Myrtle Beach, SC, are all expected to see inventory growth rates exceeding 7%.

Notably, all but one of the nation’s 150 largest apartment markets (Youngstown, OH, is the lone exception) expect a new apartment supply in 2025.

What’s Next?

Despite potential headwinds like rising construction costs and regulatory challenges, 2025 is poised to be another strong year for apartment supply. The continued growth in apartment deliveries highlights the strength of demand across established and emerging markets.

However, the disparity in growth rates between large metros and smaller markets reflects varying regional economic trends, population shifts, and housing affordability challenges. Developers will likely continue targeting Sun Belt and secondary markets, where demand growth and economic conditions remain favorable.