Multifamily units completed reached 608,000 in 2024 — their highest level since 1986, according to NAHB analysis of the Census Bureau’s Survey of Construction. For the eighth consecutive year, most (54%) were high-density buildings comprising 50 or more units — a relatively new trend compared to early estimates in the series.

Among multifamily units completed in 2024, 580,000 (95%) were built-for-rent. More than half of these units (55%) were in high-density buildings. This is a seismic shift towards high-density buildings, as this share was only 25% in 2004. Over the past 20 years, the share of units in buildings with 10-19 units has been consistently falling, dropping from 24% in 2004 to only 4% in 2024.

The South accounted for 292,000 completions (48%) in 2024, while the West held 163,000 (27%), the Midwest 87,000 (14%) and the Northeast 68,000 (11%). Completions in the South were weighted toward low-medium density buildings — a reverse on the overall trend — while high-density buildings in the Midwest and the Northeast were nearly double the amount of low-medium density completions.

The number of multifamily units built-for-sale rose from 20,000 in 2023 to 29,000 in 2024. High-density buildings continued to be the primary type of building, comprising 40% of built-for-sale units. This share was up from 28% in 2023.

Jesse Wade, NAHB director of tax and trade policy and housing policy research, shares more details in this Eye on Housing post.