US Apartment Building Permits Fall 23 Percent From Pandemic Boom

The median asking rent rose 1.7 percent year over year in July. One expert said the pool of new apartments is shrinking while demand for rentals is growing.

Construction of a mixed-use apartment complex in Los Angeles on Aug. 20, 2024. Mario Tama/Getty Images

Redfin reported on Aug. 15 that building permits for apartment construction in the United States declined by 23.1 percent since the COVID-19 pandemic period, ranging from 2020 to 2023.

Using data from the Census Bureau, Redfin’s analysis shows that developers across the United States had previously obtained permits to build an average of 12.8 multi-family housing units for every 10,000 people over the past year (between July 2024 and June 2025). That number represents a drop from the average 16.7 units per 10,000 reported during the pandemic period.