Share of High-Density Apartment Projects Grew in 2025: NAHB

New U.S. Census Bureau data analyzed by the National Association of Home Builders shows that 57% of multifamily units completed in 2025 were in buildings with 50 or more units, marking the ninth consecutive year that high-density developments have accounted for the largest share of new apartment construction. While overall multifamily completions declined from the near-record pace set in 2024, developers continue to favor larger projects, particularly in the Northeast, South and West. Additionally, 95% of newly completed multifamily units were built as rentals, underscoring the continued emphasis on serving renter demand rather than the for-sale market.

The findings suggest developers remain focused on building rental housing at scale, even as construction moderates. Apartment developers, property managers, lenders, building suppliers, home furnishing retailers and local businesses have opportunities to serve growing multifamily communities as renter demand continues to shape residential development.