CoStar: US apartment construction starts fall to 55,000 units in Q1 2026

• CoStar published Q1 2026 analysis showing U.S. apartment construction starts fell to about 55,000 units, down 73% from early-2022 peak, marking lowest quarterly level since 2011.
• Units under construction slid to roughly 579,000, down more than 50% from early-2023 peak, signaling rapid contraction in pipeline as rent growth slows, financing costs stay elevated, development expenses remain high.
• Completions still running high from earlier financing cycle, though annual deliveries peaked in 2024, down about 26% over past four quarters.
• Mountain region, South region showed highest construction exposure at about 3.3% and 3.2% of inventory under construction.
• New York City led construction pipeline by unit count, followed by Dallas-Fort Worth; Miami, Charlotte had highest exposure with more than 6% of stock under construction.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. CoStar Group Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20260512667993) on May 12, 2026, and is solely responsible for the information contained therein.