US Multifamily Built-for-Rent Share Rises in Q2

The number of multifamily, built-for-rent housing starts increased in Q2, according to a National Association of Home Builders (NAHB) analysis of US Census Bureau data. A total of 109,000 multifamily residences began construction during the quarter, of which 102,000 were built-for-rent—21% higher than in 2024Q2.

The market share of built-for-rent units was 94% of multifamily starts in Q2. By comparison, the historical low share was 47% in 2005Q3 during the condo building boom. From 1980 to 2002, the average share was 80%.

There were 7,000 multifamily condo unit starts in Q2, up from a year earlier.

NAHB noted that an elevated rental share of multifamily construction has held average apartment sizes below pre-Great Recession levels. However, in Q2, the average unit size increased to 1,077 square feet, while the median rose to 1,030 square feet. Unit sizes are trending higher as priced-out single-family buyers turn to the rental market.