Approximately 506,353 new apartment units are expected to come online by the end of 2025, according to a new report from RentCafe on this year’s deliveries and new construction. While this estimate comes in slightly below last year, 2025’s expected deliveries are still higher than the annual average over the past decade.
More than half — 52.5% — of these new units will be located in the South, and Texas and Florida’s deliveries alone will make up 30% of the national new construction total. The region is considered a “migration magnet” due to its job growth and economic expansion, and offers a friendly environment for new development, the report says.
“Southern metros typically offer streamlined approval processes and fewer regulatory hurdles, making it easier to bring multifamily projects to market,” Doug Ressler, senior analyst and manager of business intelligence at RentCafe’s parent company, Yardi Matrix, said in the report. “At the same time, elevated home prices and a shortage of attainable for-sale housing are pushing more residents toward rentals. For many households, single-family [housing] ownership is simply out of reach — fueling demand for rental housing.”
Top 10 metros for new U.S. apartments
Top 10 metros for new U.S. apartments
| Metro | Total 2025 deliveries (estimate) |
|---|---|
| 1. New York City | 30,023 |
| 2. Dallas | 28,958 |
| 3. Austin, Texas | 26,715 |
| 4. Phoenix | 21,188 |
| 5. Atlanta | 17,512 |
| 6. Charlotte, North Carolina | 16,995 |
| 7. Miami | 15,666 |
| 8. Houston | 14,439 |
| 9. Washington, D.C. | 13,903 |
| 10. Denver | 12,662 |
SOURCE: RentCafe
Despite these favorable trends at the state and regional level, New York City remains the top metro-level builder for the fourth year in a row, with 30,023 new units expected to come online this year. Heavy construction in Brooklyn and Manhattan is driving this growth, according to the report, though this year’s expected deliveries are 8.4% lower than last year.
Dallas is close behind, with 28,958 new apartments expected in 2025 — down 22.4% from the previous year. The Austin, Texas, metro also remains a strong new supply location, coming in third with 26,715 new units set to come online this year.
The majority of the top 20 metros for new construction have seen deliveries contract over the past year. Only five metros are building more than they did last year, led by Riverside in California’s Inland Empire, where completions are expected to rise 154%. Chicago has seen the sharpest drop in new construction, down 60% year over year to 3,756 new units in 2025.
