2024 Multifamily Construction: Units Completed Reaches 38-year High
Multifamily housing completions hit their highest level since 1986 in 2024, with 608,000 units finished, according to the NAHB’s analysis of Census Bureau data. For the eighth year in a row, the majority were in high-density buildings with 50 or more units, marking a significant shift from historical patterns. Of those completed, 95% were built for rent, with a growing share concentrated in large-scale developments, while mid-sized buildings with 10–19 units saw a continued decline in market share.
