Key takeaways
- 2025 completions were 9.8 percent greater than starts.
- The relationship reflects changes in units under construction.
- National totals do not identify local rental competition.
Source record
3 cited sources
Last verified
2026-08-08
In this article
Quick Overview
Census analysis of 2025 data reported housing completions 9.8 percent greater than housing starts. That result can occur because units started in earlier periods complete while the inventory under construction changes. It is not evidence that every start completes within one year.
Portfolio application
Use the under-construction series to connect stages, then build a local roster of projects and expected delivery dates. Separate unit counts from buildings and phases.
Common Mistakes
Do not infer completion speed from a national annual ratio. Do not treat a completed unit as leased, available, or competing with the portfolio.
Method and limits
The Census relationship analysis uses rounded estimates and explains inventory changes between stages. The result is a national analytical relationship, not a forecast.
Common Questions Answered
Why can completions exceed starts?
Units started in earlier periods can complete while the stock under construction changes.
What is the local next step?
Verify each project's phase, unit count, completion evidence, opening date, and leasing status.
Ready to review delivered supply?
Use investment analysis to date-stamp each project assumption.
Sources
- Census New Residential Construction relationships, accessed August 8, 2026.
- Census Survey of Construction, accessed August 8, 2026.