Chief Economist Greg Willett Featured in Multifamily Dive on Rising Apartment Starts & Shrinking Supply

We’re proud to share that LeaseLock’s Chief Economist, Greg Willett, was featured in Multifamily Dive in their recent article: “Apartment starts rise 16% YOY in August”. In it, Greg breaks down what the latest HUD and Census Bureau data means for multifamily supply, completions, and the broader apartment market.

What Multifamily Dive Reports on Apartment Starts

Apartment Starts Are Rising

  • Multifamily starts for buildings with five or more units reached a seasonally adjusted annual rate of 403,000 units in August.

  • That figure represents a 16% increase year-over-year, signaling developers are initiating more projects despite economic uncertainty.

Completions and Units Under Construction Are Falling

  • Completions fell nearly 29% year-over-year, slowing the pace of new supply actually hitting the market.

  • Units under construction also dropped by about 20% year-over-year, underscoring delivery delays and a tightening pipeline.

Greg Willett’s Expert Perspective

Supply Momentum May Be Shifting

Greg emphasized that while starts are showing momentum, completions are falling behind:

“We were starting to feel, I guess, better about the supply numbers. The fourth quarter looks like it’s going to be the first quarter in two and a half years when fewer than 100,000 units get delivered.”

The First Sub-100k Quarter in Years

If this trend holds, Q4 could be the first quarter in more than two years with fewer than 100,000 new apartment deliveries. That milestone would represent a pivotal shift in supply — fewer new units entering the market after years of historically high completions.

Why This Matters

For Property Owners & Developers

Slower completions mean fewer units competing for renters, which may help stabilize rent growth and reduce pressure in oversupplied markets.

For Investors & Lenders

Tighter supply could change portfolio performance expectations. In-progress projects may benefit from less competition, while underwriting for new deals may need to reflect longer delivery timelines.

For Renters & Market Watchers

With fewer units being completed, renters may face more limited options and potential rent stabilization, depending on local demand dynamics.

Read the Full Multifamily Dive Feature

Greg’s analysis underscores why LeaseLock continues to track supply-side dynamics closely, they impact not only the industry at large but also operators’ financial outcomes and renters’ affordability.

For the full article, visit Multifamily Dive: Apartment starts rise 16% YOY in August.