The Northeast and South lead in multifamily construction momentum

Multifamily construction activity is most vibrant in the Northeast and South, according to a recent report from Realtor.com.

The Northeast is experiencing the strongest construction momentum, with first-quarter multifamily starts jumping from 58,000 in 2025 to 105,000 in 2026, a rise of 81% and more than double the 2017–2019 first quarter average of 52,000. The South leads in units under construction with 279,000 units underway in the first quarter. 

That was down 11.1% from 314,000 a year earlier, but nearly 23% above the region’s pre-pandemic first quarter average of 227,000. Starts in the South surged 40.2% year-over-year to 230,000 units, about 27.8% above the 2017–2019 benchmark.

The West was the only region where completions dropped below pre-pandemic norms. Starts in the region fell to 77,000, a 28% annual decline and about one-third below the 2017–2019 average of 114,000. The West had 174,000 multifamily units under construction in the first quarter, down 14.7% from 204,000 a year earlier, and 4.4% below its pre-pandemic first quarter average of 182,000.