An observation that CRE experts have made to GlobeSt.com for at least the last two years was the record number of apartment completions in 2023 and 2024. The Census Bureau numbers from August show that the trend continues.

Last month, the rate of unit completions for privately-owned multifamily buildings with at least five units was 740,000. That was 56.4% higher than the 473,000 reported in July and also the higher monthly number since 781,000 in April 1974. The number of started units was less than half at 333,000, which was close to July's 363,000. And permits for buildings with at least five units was 451,000, over the previous month's 408,000.

Looking at units in buildings of two or more units, deliveries were 759,000. By region, that was 50,000 in the Northeast, 79,000 in the Midwest, 502,000 in the South, and 128,000 in the West. According to Bloomberg, deliveries over the last 12 months in the West and Midwest are at the highest levels since the 1980s. The Northeast, in contrast, has seen little change.