North American multifamily housing trends

In mid‑2026 the U.S. multifamily sector showed solid leasing fundamentals but developers were moving away from the high‑growth metros that had driven the previous five years. Rent growth slowed in markets such as Denver, Austin and Nashville as new supply outpaced demand, prompting investors to target suburban and ex‑urban sites. In Milwaukee vacancy fell to about 3.9 % and rents rose modestly, while new deliveries slowed sharply and transaction volume rose sharply year‑over‑year.

By early August 2026 the broader North American construction market was normalising after a historic surge in 2024. U.S. completions fell from 591,000 units in 2024 to 468,000 in 2025, with larger projects (50 + units) making up a higher share of new supply. Smaller developers faced financing challenges, reinforcing a trend toward economies of scale, though lower‑rise buildings continued to dominate new deliveries. In Canada, Regina’s rapid population growth spurred a record number of building permits, many for multi‑unit housing, helping keep the city among the most affordable major markets.

Together the snapshots illustrate a shift from rapid, high‑rise expansion toward more measured growth focused on larger, lower‑rise projects and secondary locations across the United States and Canada.