Multifamily Permitting Falls 9% in January
https://www.realpage.com/analytics/january-2024-multifamily-permit-update/
Multifamily permit volumes continued to fall in January, while single-family permits climbed.
Multifamily permit volumes continued to fall in January, while single-family permits climbed.
In about a third of the nation's largest apartment markets, there have never before been this many units under construction. Over 917,000 units are currently under construction ac...
While absorption patterns are strong, the pace of leasing suggests some demand may be pulled forward from later in the year.
The record number of apartment units in lease up has impacted all three product segments, resulting in a reduced pricing premium between asset classes.
The Austin apartment market has seen sizable supply in recent years, but construction activity is fading.
Multifamily starts jumped in February, as residential development was inspired by better weather and tight inventories.
Multifamily permits and starts continued to decline in the year-ending October, but single-family development is rebounding.
Most of the top markets for multifamily permitting in the year-ending March are also among the top 10 markets for single-family permitting.
Three themes emerged in 1st quarter multifamily REIT earnings calls.
Annualized multifamily completions totaled 740,000 units for the first time since April 1974.