U.S. National Multifamily Market Report | MMG Real Estate Advisors | Q1 2026

Market Overview

The U.S. multifamily sector continued building momentum at the start of 2026, with rent growth moving into positive territory and a moderating construction pipeline suggesting vacancy may have reached its cycle peak. The national construction pipeline contracted by more than 50%, falling from a peak of roughly 1.18 million units under construction in Q1 2023 to about 550,000 units mid-way through Q1 2026, though the slowdown is highly uneven by market, with 13 of the 50 largest markets recording year-over-year increases in deliveries in 2025, including New York City, Columbus, Boston, and San Diego. Looking ahead, the largest nominal pullback is forecast for the Dallas Metroplex, where completions are projected to fall to roughly 19,700 units in 2026, down about 40% from 2025, followed by Phoenix with an estimated 11,800 units, a decline of roughly 44%.

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About MMG Real Estate Advisors

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MMG Real Estate Advisors is a multifamily investment sales and research firm tracking apartment market fundamentals across the Southeast, Midwest, and beyond. Their national Q1 2026 forecast and pipeline report tracks construction trends, completions, and starts across the largest U.S. multifamily markets. To read the full report, click here.