By Anca Gagiuc | Multi-Housing News
Despite numerous headwinds, including a challenging financing landscape and a shortage in skilled labor, the U.S. multifamily stock added 672,047 units in 2024, the highest annual volume on record. As of April, the under-construction multifamily pipeline remained robust, totaling 1,034,611 units across 4,774 properties, according to data provided by Yardi Matrix. The inventory composition is still made up of predominantly upscale Lifestyle properties, which account for 80 percent, while fully affordable and Renter-by-Necessity units took up just 15 percent and 5 percent.
Yardi Matrix’s top 30 metros accounted for nearly 65 percent of the units underway as of April, 23 of which had more than 10,000 units under construction. One-third had more than 20,000 units underway, while the top three each exceeded 40,000 units.
How does the influx of supply impact fundamentals in the metros leading in under-construction multifamily pipeline, and which are these? Focusing on the top 10 metros by pipeline volume as of April 2025, we’ve reviewed metrics including asset class distribution, volumes delivered since 2020, and average days under construction.
3. Phoenix
Phoenix had 44,331 units under construction as of April, with upscale units accounting for 89 percent, while 10 percent were fully affordable apartments. RBN units were barely present with just 1 percent.
Completions through April amounted to 6,618 units, with gains serving mostly the Lifestyle segment (5,761 units), while RBN added 641 units and fully affordable 216 units. Supply growth increased progressively between 2020 and 2024, excelling in 2024 with 24,051 units, up from the 9,263 units added in 2020. Lifestyle stock expansion set the trend of the overall supply growth in the metro, marking progressive increases over the period for a total of 65,000 units. Meanwhile, the RBN segment added 4,174 units, with top performance recorded in 2024 (1,429 units) and 2021 (1,129 units). The fully affordable segment gained 4,625 units, half of which (2,327 units) was added in 2024.
Phoenix led all Yardi Matrix’s top 30 metros by days under construction for RB Properties, with an average of 1,217 days. Meanwhile, fully affordable properties averaged only 554 days, less than half RBN’s average and the sixth fastest overall by delivery time, on par with Kansas City and slower than Portland (587 days). Lifestyle averaged 739 days under construction, among the upper half of the top 30 metros by delivery time, flanked by Boston (738 days) and Tampa (741 days).
