For the ninth consecutive year, most new multifamily units built in 2025 were in buildings with 50 or more units (high-density buildings). About 57% of units were in high-density buildings, the highest share since 2021.

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. 

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 most new multifamily units being in high-density buildings.

Regional Multifamily Trends

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 had 38,000 completions in low-medium density compared to 25,000 units in high-density buildings, making it the only region where low-medium density completions outpaced high-density buildings completions. Conversely, the South, West and Northeast had more high-density completions than completions in low-medium density buildings.

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 vs. Built-for-Sale

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. This was the ninth straight year where most of multifamily rental-units were in high-density buildings. The second largest share was split between buildings with between 30 and 49 units and buildings with between 20 and 29 units, as both represented 15% of completed units in 2025. No other building category accounted for over 10% of completions in 2025.

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, which 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.

For more analysis on this topic, read this Eye on Housing post.