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With 2 million units expected to be completed across the U.S. from 2024 to 2028, multifamily development is peaking, the latest Yardi Matrix data shows. The supply surge is already in full swing, as these high-performing 10 cities had a combined 85,055 units come online in the first half of this year, about 20,000 more than they did during the first half of 2023.

Key takeaways:

Total volume across the top-performing cities increased 32.8 percent year-over-year.

Sun Belt cities made up the bulk of this list, with eight entries.

Three Texas cities made the list with a combined 30,609 units completed.

Except for Miami, completions increased year-over-year for all cities on this list.

1. Dallas

Dallas-Fort Worth took the number one spot for multifamily deliveries in 2024 through June. A total of 12,830 rental units in 48 properties came online across the Metroplex in the first six months of the year. This was a 64.8 percent increase from the 7,787 units completed in 2023’s first half.

Given DFW’s continued economic expansion and population growth, it is no surprise that demand for upscale housing has also grown. Of the total number of units completed through June, 96 percent were in upscale Lifestyle properties.

The largest property to come online in the first half of the year was Miles One90 in North Dallas’ Rowlett submarket. Anthem Development—a new company backed by Beck Ventures—broke ground on the upscale property in 2021 with the help of a $41.6 million construction loan provided by Bank OZK.

Another major project is getting closer to completion in Arlington, Texas. The Cordish Cos., in partnership with the Texas Rangers recently topped out the 300-unit One Rangers Way in the city’s Entertainment District.

DFW recently took the second spot nationwide in a RentCafe ranking of the top metros for multifamily deliveries expected this year, with a total of 32,932 units set to come online. In June, the Metroplex had 268 properties under construction, encompassing upward of 70,000 units.

2. Phoenix

Phoenix is down one spot compared to 2023, with 10,048 units across 44 properties completed through June. However, this was a 19.4 percent increase from the 8,413 units delivered in the first six months of 2023.

Banyan Residential completed the 735-unit Scottsdale Entrada earlier this year—the largest property to come online in the first six months. The developer initially broke ground in March 2020 on the Scottsdale, Ariz., Opportunity Zone project, redeveloping a 33-acre lot. Besides the multifamily units, it also comprises 250,000 square feet of office and 7,000 square feet of retail. Phoenix had more than 45,000 units across 168 multifamily projects under construction in June.

3. Houston

Rounding out the top three metros for multifamily deliveries was Houston with 9,258 rental units added to its inventory across 35 properties. Houston also saw the largest increase year-over-year, with completions up 99.5 percent from the 4,641 units delivered in 2023’s first half.

Yardi Matrix’s latest Houston multifamily report shows that the metro continued its strong track record of good job growth and housing expansion. This latest boost in multifamily supply has, however, led to a drop in occupancy across the metro.

A joint venture of Ascendent Development and Harvest Capital Group completed Haven at Mission Trace in Richmond, Texas, in April. The 264-unit luxury community is on nearly 35 acres and is among the largest developments to come online in the first half this year. Truist Bank provided $33.2 million in construction financing for the project.

Houston had an additional 153 multifamily projects underway in June, encompassing more than 36,000 units. West Houston was by far the most active, comprising nearly three quarters of total units under construction.

4. Atlanta

Atlanta developers added 7,611 units across 41 properties to the metro’s inventory in the first half of the year, up 16.4 percent from the amount recorded in the same period last year. Suburban Atlanta led activity once more, encompassing more than 63 percent of completions.

Solid performance led to Atlanta attracting major investments this year, including part of Equity Residential’s $964 million deal with Blackstone. Of the total 3,572 units included in the portfolio acquisition, 1,357 are in Atlanta.

Last year, Toll Brothers and PGIM Real Estate topped out Momentum Midtown in downtown Atlanta. The joint venture completed the 376-unit luxury community, among the largest to come online in the metro this year. The developer broke ground in 2021 and financed the project with a $95.9 million construction loan provided by Wells Fargo Bank.

Atlanta’s pipeline included more than 35,000 units under construction across 163 multifamily projects. Suburban and urban areas had an equal number of units underway.

5. Orlando, Fla.

Orlando took the fifth spot among the top metros for multifamily deliveries in 2024’s first half, adding 8,555 units across 33 properties to its inventory. This was a 51.6 percent increase year-over-year.

The growing Florida metro entered 2024 with balanced fundamentals, according to Yardi Matrix’s latest Orlando multifamily report. Employment growth remained strong, and the leisure and hospitality sector is bound to remain a top performer, especially considering Disney’s commitment to further invest $17 billion over the next two decades.

Northwood Ravin completed the largest project in the metro this year, The Lucent at Sunrise. The 465-unit luxury community comprises six buildings in Kissimmee, Fla., a suburb of Orlando. Wells Fargo Bank provided a $77.6 million construction loan for the development. In June, Orlando had 119 multifamily projects under construction, encompassing some 29,000 units.

6. Austin, Texas

The third Texas metro to make the ranking, Austin clocked in the sixth spot with 8,521 units completed year-to-date through June—up 23.4 percent when compared to 2023’s first half. Developers completed 32 projects across the metro, 21 of which were upscale.

Texas’ capital followed the trend among its peers, with strong employment growth and major projects underway that promise to add even more jobs in the future. Still, the influx of new supply has contributed to stifling rent growth, the most recent Yardi Matrix Austin report shows.

In February, AMLI Residential completed AMLI Branch Park, the largest project to come online year-to-date through June. The 406-unit luxury community is in the Capital Plaza submarket and includes more than 23,000 square feet of retail.

Austin also stood out by having the greatest number of units in RBN assets come online during the first six months of the year—2,430 across 11 properties. This was just under 30 percent out of the total. Developers are working to bring an additional 198 projects online across metro Austin, encompassing some 54,000 units.

7. Miami

Miami followed on the seventh spot with 6,897 units delivered year-to-date through June. The high performing Florida metro continued its momentum over the past few years, but risks of oversupply have made developers more cautious, as completions dropped 12.8 compared to 2023’s first half.

The largest property to come online in the metro during the first six months was Resia Old Cutler. Developer Resia built the 390-unit fully affordable community with the help of a $60.3 million construction loan from PNC Bank.

Metro Miami had an additional 157 properties under construction as of June. Last month, the Miami Urban Development Review Board approved a 1,000-unit project by ROVR Development, set to take shape in the River Rapids neighborhood. Estimated at $750 million in construction costs, it is set to break ground next year.

8. Charlotte, N.C.

Charlotte developers completed 6,890 units—just seven below Miami—across 31 properties in 2024’s first half, earning it the eighth spot on the list. Deliveries increased 18.7 percent year-over-year, as robust job growth and a somewhat more affordable alternative have kept demand at steady levels.

At 300 units, The Kendry was one of the largest developments to come online in the metro. RangeWater Real Estate completed its sixth Charlotte project with the help of a $38.8 million construction loan from Renasant Bank.

As of June, Charlotte had 171 multifamily projects under construction, encompassing nearly 40,000 units. In line with nationwide trends, nearly all of these were in upscale Lifestyle developments.

9. Denver

The first metro on this list that is not part of the Sun Belt, Denver took the ninth spot with 34 properties—6,623 units—added to its inventory. According to the latest Yardi Matrix Denver multifamily report, city authorities are looking to revitalize the downtown area, which will include constructing more housing.

Denver’s largest project to debut in 2024’s first half was a redevelopment. Shorenstein’s Jasper Towers encompasses 508 units in the metro’s downtown. The asset includes 8,000 square feet of retail.

An additional 168 multifamily projects were under construction in Denver as of June, comprising 38,000 units. One of these is the largest multifamily project in Colorado over the past two decades—Skyline at Highlands. It is being developed by Grand Peaks and expected to come online in December.

10. Seattle

Closing off the list of top 10 metros for multifamily deliveries was Seattle. Developers brought 38 properties online, encompassing 6,576 units—a 72.5 percent increase from 2023’s first half. Although employment growth softened, Seattle remained a top-performing metro. In June, its pipeline included 108 projects under construction, which had more than 23,000 units.

In March, Amazon committed $122 million in affordable housing projects, bringing its total investment to $670 million. This new round of investment will be used to support the construction and preservation of 1,700 units across three Washington cities—Seattle, Bellevue and Kirkland.

The largest project to come online during the first half of the year was Shea Properties’ 476-unit Canopy, located in Shoreline, Wash., a suburb of Seattle. The LEED Platinum asset has 79 affordable units.