CONSTRUCTION PIPELINE National Q4 2025

Market Overview

The U.S. multifamily pipeline entered a significant period of contraction during Q4 2025 as high interest rates and elevated construction costs continued to stifle new project starts. While a substantial number of units reached completion during the final quarter, the total volume of apartments under construction nationwide fell to its lowest level in several years. This reduction in the forward looking supply is beginning to alleviate pressure on existing properties, potentially paving the way for stronger rent growth in late 2026 and 2027. Despite the current delivery peak, the long term outlook remains positive as the industry shifts from a phase of oversupply toward a more balanced market equilibrium.

About MMG Real Estate Advisors

MMG Real Estate Advisors is a premier investment sales firm specializing in the acquisition and disposition of multifamily assets across the United States. The company leverages a data driven approach and a vast national network to provide institutional and private investors with strategic advisory and capital markets solutions. By combining deep local market knowledge with comprehensive national research, MMG helps clients identify emerging opportunities and optimize the performance of their real estate portfolios.

Read the full report here: https://mmgrea.com/national-q4-2025-pipeline-report/

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