US Multifamily Built-for-Rent Housing Starts Jump 21% Year-Over-Year in Q1

According to National Association of Home Builders (NAHB) analysis of quarterly US Census data, multifamily built-for-rent housing starts increased year-over-year in Q1. A total of 107,000 multifamily residences started construction during the quarter, including 103,000 built-for-rent units, up 21.0% from 2025Q1.

Built-for-rent units accounted for 96% of multifamily construction starts in Q1. By comparison, the rental share fell to a historically low 47% during 2005Q3, amid the condominium construction boom. The average share during the 1980–2002 period was 80%.

Multifamily condominium construction starts totaled 4,000 units in Q1, down from 7,000 units a year earlier.

NAHB also noted that the elevated rental share of multifamily construction continues to weigh on apartment size. In Q1, the average multifamily unit size declined to 1,047 square feet, while the median unit size fell to a record-low 960 square feet.