Multifamily Dive reported that about 1.2 million units were in lease up nationwide at the start of August, down from the 1.4 million peak in early 2025 but roughly double the prior decade's average. Charlotte, Austin, and Phoenix carry the heaviest lease up shares, and 15.8% of stabilized units offered concessions in July.
Why it matters to multifamily marketers
Marketers in supply heavy metros should expect concession pressure to stick around, and should sharpen lead to lease measurement and renewal programs instead of chasing new tour volume.