The U.S. multifamily market continued to stabilize in the second quarter of 2025, as strong renter demand kept pace with a moderating pace of apartment completions. Net absorption — the net change in occupied stock — totaled 268,000 units in the first half of this year, the third-strongest performance for the first two quarters of a year on record.

News | Demand for US apartments remains strong as construction pipeline continues to slow

The U.S. multifamily market stabilized in the second quarter of 2025, with strong renter demand offsetting a slowing construction pipeline. Net absorption reached 268,000 units in the first half of the year, marking the third-highest performance for the first two quarters of a year on record.