The Harvard Joint Center for Housing Studies (JCHS) released its annual State of the Nation’s Housing report on June 17.

Mutifamily Impact By the Numbers:

  • Multifamily completions declined sharply last year, down 20% to 483,700 in 2025, and are poised to continue falling.
  • The number of multifamily units currently under construction dropped 11% in 2025 to 693,500, about 30% below the 2023 peak of 995,800.
  • Construction starts in buildings with two or more units rose 17% in 2025 to 416,100 units but remain 24% below the 547,000-unit peak in 2022. Multifamily permitting levels suggest a more modest increase, rising just 4% in 2025.

Affordable Housing Impact By the Numbers:

  • While demand for affordable housing remains strong, demand for housing is down in most markets nationwide, as buyers and renters struggle with affordability and economic uncertainty.
  • Housing supply remains constrained—especially in affordable and high-demand markets—with the U.S. still roughly 600,000 units short of market equilibrium, though the deficit has narrowed significantly since the 1.5 million-unit deficit in 2022.
  • Growing national, state, and local focus on the housing crisis has spurred policies to boost construction, including LIHTC expansion, zoning and code reforms, and increased financial and political support for development.
  • Vacancy rates for rental units have increased nationwide from just below 6% in 2022 to 7.3% in 2025, though these vacant units are not distributed uniformly across the country.

Watch the webinar and panel discussion recording that accompanied the report release here.