US Multifamily Built-For-Rent Housing Starts Increase Year-Over-Year in 2025Q4

According to the US Census Bureau, with analysis from the National Association of Home Builders (NAHB), multifamily built-for-rent housing starts increased year-over-year in 2025Q4.

In 2025Q4, 96,000 multifamily units began construction, including 91,000 built-for-rent units. The built-for-rent total was up 18% from the same period a year earlier, although NAHB noted the figures may be revised.

Rental units accounted for 95% of all multifamily construction starts during the quarter; this compares with a historic low of 47% in 2005Q3 during the condo construction boom, and an average of 80% between 1980 and 2002. Meanwhile, 6,000 multifamily condo starts, unchanged from a year earlier.

NAHB said the elevated share of rental construction continues to influence unit sizing. The average multifamily unit size rose to 1,068 square feet, while the median increased to 1,048 square feet—both consistent with the high share of built-for-rent development.