Predictions by some experts that the nation's current oversupply of apartments will decline by the end of 2024 are not supported by a new analysis from Yardi Matrix.

Instead, Yardi proclaimed, "the under-construction pipeline is robust, and elevated deliveries are anticipated for 2024 and 2025." In all, 766,353 units are still scheduled for completion by as late as early 2026. That is a 9.9% quarter-over-quarter and 36.6% year-over-year increase. In addition, 483,207 units were in lease-up in Q1 2024 — for a total of 1.25 million units under way.

Yardi attributed these high levels to elevated completion times, with days in construction for both garden and midsize properties at or near record levels. In 4Q 2023, the national average time to build a garden-level property was 697 days, compared to the annual trailing average of 678 days. For midsize properties, construction time rose from 738 to 770 days. High-rise completion times have reverted to pre-pandemic levels.