BISNOW (September 24, 2017) – New apartment construction in the U.S. is set to reach a 20-year high as millennials and baby boomers continue to drive demand. At least 345,000 apartment units are expected to come online this year, but will multifamily building continue at this breakneck pace? One way to determine this is to look at the number of multifamily permits cities are approving. Roughly 399,000 units were approved nationwide during the 12 months ending July 31, according to RealPage. This is down roughly 8% from this cycle’s peak permitting period of the 12 months ending January 2016.
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