Following the highest number of multifamily completions in nearly 40 years in 2024, completions declined in 2025 to 484,000, according to NAHB analysis of the Census Bureau’s Survey of Construction. For the ninth consecutive year, a majority of new multifamily units were in buildings with 50 or more units (labeled as high-density buildings) at 57%, the highest share since 2021.
Dating back to the earliest estimates in the series (1972), multifamily units have historically been built in buildings with less than 50 units (low-medium density buildings). This trend reversed in 2017 and has remained unchanged through 2025, with a majority of new multifamily units being located in high-density buildings. Of the total 484,000 multifamily units completed in 2025, 278,000 (57%) were in high-density buildings while the remaining 206,000 (43%) were in low-medium density buildings.
Regional Distribution
The South continued to be the leading region in terms of units completed, down from 292,000 in 2024 to 217,000 completions in 2025. The South accounted for 45% of the total multifamily completions; the West held 26% (127,000), the Northeast 16% (79,000), and the Midwest 13% (63,000). The Midwest was the only region where low-medium density completions outpaced those in high-density buildings. The Midwest had 38,000 completions in low-medium density compared to 25,000 units in high-density buildings.
Conversely, the South, West and Northeast had more high-density completions than completions in low-medium density buildings. For the South, there were 122,000 units in high-density buildings and 95,000 low-medium density units. The West had 74,000 units in high-density buildings and 53,000 low-medium density units. The Northeast featured the largest divergence with 58,000 high-density units and 21,000 low-medium density.
As a share of regional completions, units in high-density buildings reached a new high in the Northeast at 73%. In the South, this share was up from 50% in 2024 to 56% in 2025. The West saw a similar rise, from 50% to 58% in 2025. The Midwest was the only region where this share declined, from 67% in 2024 to just 40% of completions in 2025.
Built-for-Rent
Among multifamily units completed in 2025, 95% were built-for-rent at 461,000. Over half of these units (59%) were in a building with 50 units or more, the highest share since 2021 (59%). This was the ninth straight year where most of multifamily rental-units were in high-density buildings. The second largest share was split between 30-49 unit buildings and 20-29 unit buildings, as both represented 15% of completed units in 2025. No other building category accounted for over 10% of completions in 2025.
Built-for-Sale
The number of multifamily units built-for-sale fell from 29,000 in 2024 to 23,000 in 2025. High-density buildings continued to be the primary type of building where these units were built, with 32% of built-for-sale units being completed in buildings with 50+ units. This share was down from 40% in 2024. The largest gain in market share for multifamily built-for-sale units was for buildings with 10-19 units, rising from 13% in 2024 to 24% in 2025 and making it the second largest segment of multifamily units built-for-sale.
