More than half a million apartments are expected to be completed this year, an increase of 9% over 2023 and 30% from 2022. New inventory is enough to house the entire population of Atlanta, with 60% of new apartments coming to market in just 20 metros, according to a study by RentCafe.

Construction is likely to slow down next year, with more than half of the 370 markets studied expected to see a decelerated pace of activity. Apartment deliveries may surge again in 2028, the report said.

The top market for apartment construction is New York, for the third year in a row, with nearly 33,000 new units expected to become available this year. Brooklyn is playing a key role in this growth, adding three times more units this year than Manhattan. New York metro's apartment construction boom stems from the Northeast's persistent housing shortage.