According to US Census Bureau data, with additional analysis provided by the National Association of Home Builders (NAHB), the number of multifamily, for-rent housing starts remained elevated in Q3 2022. With 141,000 units started in Q3, this was the largest quarter for rental multifamily construction since Q2 of 1986.
According to NAHB analysis, the market share of rental units of multifamily construction starts increased to 97%, as the already small condo market retreated further amid high interest rates. In contrast, the historical low share of 47% was set in Q3 of 2005 during the condo building boom. An average share of 80% was registered during the 1980–2002 period.
In contrast, in Q3 2022, there were just 4,000 multifamily condo starts—just half the total from one year ago.
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