The US apartment market capped off 2024 with a seventh straight quarter of record supply. In addition, the nation hit a 50-year high in supply for the year. The market logged especially significant deliveries during the last three quarters of the year, according to a RealPage analysis of the apartment market.

The supply trend began during the second quarter of 2023 when quarterly completion volumes broke the 100,000-unit mark, and since then, delivery totals have increased nearly every quarter, the firm said. During the third quarter of 2024, more than 160,400 units were completed, and an additional 155,400 units wrapped up in the fourth quarter.

“The completion volumes from these last two quarters of 2024 nearly doubled the 10-year quarterly supply average of about 89,700 units,” said the analysis. “And this decade has been a significant one for apartment construction activity. In the decade before this one (2004-2014), quarterly completions averaged just 36,200 units.”