US Multifamily Built-For-Rent Housing Starts Rise in Q1
Original Source:
94% Multifamily Built-for-Rent Share
94% Multifamily Built-for-Rent Share
According to a National Association of Home Builders (NAHB) analysis of the latest Census Bureau data, multifamily, for-rent housing starts rose in Q1. A total of 88,000 multifamily units began construction during the quarter, including 83,000 built-for-rent—an increase of nearly 11% compared to 2024Q1.
NAHB reports that rental units accounted for 94% of all multifamily starts in Q1. By comparison, the market share for built-for-rent multifamily construction hit a historic low of 47% in 2005Q3, during the condo boom. From 1980 to 2002, the average share was about 80%.
In Q1, construction began on 5,000 multifamily condo units, unchanged from the same period a year earlier.
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