Multifamily starts and permits have been slowing for almost two years, but single-family development also recently turned downward.
After multifamily permits and starts ran close together for most of the year, paths diverged in August, as starts plunged.
Multifamily starts increased suddenly and sharply in July, while multifamily permitting declined.
The U.S. apartment market is on track to grow by nearly 411,000 units in 2022, a number boosted by some massive individual projects. The largest conventional apartment projects scheduled to deliver in 2022 are being built on the east and west coasts and nearly all of them are considered high-rises. Four of the 10 largest read more
While the seasonally adjusted annual rate for multifamily starts jumped in May, there are a few factors weighing on that measure.
The U.S. Census Bureau reports multifamily starts and permits are both fading as of June.
As Texas development has boomed, a handful of submarkets now have twice as much apartment inventory as they did a decade ago.