Permits Doubled YOY in Three Key Apartment Markets
While multifamily permitting activity in the U.S. came down in November, numbers are still trending at decade highs. Among the nation’s 50 largest markets, nearly 453,000 multifamily permits were issued in the year-ending November 2022, based on an analysis by RealPage Market Analytics using data from the U.S. Census Bureau. That was an increase of 14.7% from the same period a year earlier. But the pace of permit issuances varies greatly by market. Among the nation’s largest markets, 29 saw multifamily permit authorizations pick up during the 12-months ending in November, while 21 markets saw a decline. The biggest surge was recorded in Atlanta, with roughly 19,700 multifamily permits issued during the year-ending November, which was a 223% increase year-over-year. Tampa and Indianapolis were the only other large markets where multifamily permit activity more than doubled during that period. At the opposite end of the spectrum, Nashville saw the deepest decline in multifamily permitting, with issuances falling 63.3% in the year-ending November. Also recording notable year-over-year declines were Cincinnati (-38.9%), Anaheim (-31.1%) and Fort Lauderdale (-30.0%).