New Production and Current Occupancy Rates in Existing Multifamily Housing Set Record Highs in Q3 2021
According to the latest National Association of Home Builders (NAHB) Multifamily Market Survey (MMS), sentiment on the production of new and occupancy in existing multifamily housing improved in Q3. The MMS produces two main indices.
The Multifamily Production Index (MPI) increased 5 points from the previous quarter to a reading of 53, while the Multifamily Occupancy Index (MOI) also increased by 5 point to a reading of 75. This represents the highest reading for the MOI since its inception in 2003.
Continuing strong demand and limited inventory of all types of housing are keeping occupancy strong in multifamily properties across the country. The same factors are supporting production of new multifamily properties, although developers continue to deal with very significant supply-side challenges, like finding enough labor, materials, and land to build on.
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