New York is expected to receive 35,000 new apartment units next year, leading the country in deliveries that could reach half a million. Supply delays may curb that forecast somewhat, but 2025 is expected to be another year of high supply in most major markets nationwide, according to a RealPage analysis.
New York’s expected supply rate is the highest delivery load on record in the RealPage data set going back to 2008.
Fourteen markets will receive more than 10,000 new apartment units next year. Among these are several Sunbelt regions that are on track to receive thousands of units, including the three largest apartment markets in Texas — Dallas, Austin and Houston – which will receive between 14,000 and 27,000 units next year. Charlotte, Raleigh, Atlanta and Orlando also will be supply leaders next year, predicted RealPage.
Western markets such as Seattle and Denver are expected to post strong apartment supply growth, and Los Angeles will post its highest new supply growth on record, particularly in the third quarter when it's on track to receive 19,400 units.
Several smaller markets are expected to grow total inventory by more prolific ratios in 2025, said RealPage. The small North Carolina market of Asheville will grow by 13.3% in 2025 – the highest rate in the nation – with the addition of over 3,500 units. Huntsville, Alabama; Wilmington, North Carolina; Cape Coral-Fort Myers, Florida; Savannah, Georgia; and Myrtle Beach, South Carolina, are all expected to grow total inventory by 7% or greater in 2025. All but one of the nation’s 150 largest apartment markets are set to receive some new supply in 2025, with Youngstown, Ohio, as the only exception, said RealPage.
The top 10 markets expecting the most new apartment supply in 2025 are:
New York
Expected supply: 34,801 units
Inventory growth: 1.8%
Phoenix
Expected supply: 29,622 units
Inventory growth: 6.9%
Dallas
Expected supply: 26,923 units
Inventory growth: 3.7%
Austin
Expected supply: 24,603 units
Inventory growth: 7.4%
Charlotte
Expected supply: 20,131 units
Inventory growth: 8.3%
Newark
Expected supply: 19,173 units
Inventory growth: 3.3%
Los Angeles
Expected supply: 18,705 units
Inventory growth: 1.6%
Atlanta
Expected supply: 17,930 units
Inventory growth: 3%
Washington, D.C.
Expected supply: 15,510 units
Inventory growth: 2.2%
Houston
Expected supply: 14,619 units
Inventory growth: 1.9%