NAHB Analysis of the Census Bureau’s Characteristics of Units in New Multifamily Buildings Completed finds that 93% of the 368,000 multifamily units completed in 2022 were built-for-rent while the remaining 7% were built-for-sale. The share of new multifamily units that are built-for-sale has remained below 10% since 2011 when the share was 12%. 2011 was…
According to the data released by Bureau of Economic Analysis (BEA), private fixed investment in student dormitories inched up 1% to a seasonally adjusted annual rate (SAAR) of $3.6 billion in the second quarter of 2022, after a 6.4% increase in the first quarter. Private fixed investment in dorms was 8.7% higher than a year…
Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that demand for newly completed multifamily units remains solid as mortgage rates continue to climb. Only an estimated 39% of the 82,310 unfurnished apartment units completed in the first quarter of 2023 are available for rent three months past…
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the second quarter of 2023, there were just 3,000 2- to 4-unit housing unit construction starts. This is…
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the second quarter of 2023. For the second quarter, 138,000 multifamily residences started construction. Of this total, 135,000 were built-for-rent. The market share of rental units of multifamily construction starts reached an all-time high of almost 98%…
Confidence in the market for new multifamily housing was in positive territory for the second quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 56 for the first quarter…
Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that multifamily market demand has softened as the percentage of apartments absorbed within the first 3 months of completion fell to 59.0% after six consecutive quarters of above 60.0% percent absorption. The absorption rate of unfurnished, unsubsidized apartments (the…
