HBGI Q1 2025: Multifamily Growth in Smaller Markets

Single-family construction growth slowed substantially across all markets in the first quarter of 2025, according to the Home Building Geography Index (HBGI).  Multifamily construction growth remained negative in the largest markets but reported significant expansion in lower population density areas. The HBGI tracks single-family and multifamily permits across seven population density delineated geographies in the…

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Multifamily Developer Confidence Falls in the First Quarter

Multifamily developers are starting the year in a cautious state, according to Q1 2025 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) decreased three points to 44 year-over-year, marking the seventh consecutive quarter below the…

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Multifamily Developer Confidence Reflected Mixed Results in the Fourth Quarter

Confidence in the market for new multifamily housing reflected mixed results year-over-year in the fourth 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.  While the Multifamily Production Index (MPI) increased seven points to 48 year-over-year, it is…

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Apartment Completions Rise Resulting in Slower Absorption Rates

The percentage of new apartment units that were absorbed within three months of completion rose from 50% to 55% in the second quarter of 2024, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA). The survey covers new units in multifamily residential buildings with five or…

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Small Gain for Multifamily Built-for-Sale Construction

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts declined during the third quarter of 2024. For the quarter, 94,000 multifamily residences started construction. Of this total, 88,000 were built-for-rent. This was almost 14% lower than the third quarter of 2023. The market share of rental units of multifamily…

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Multifamily Developer Sentiment Showed Mixed Results in Third Quarter

Confidence in the market for new multifamily housing showed mixed results year-over-year in the third quarter of 2024, 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 40, an increase…

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