US Multifamily For-Rent Housing Starts Rise 5% Year-Over-Year in Q2

A closer look at the US Census Bureau’s Q2 data, with analysis by the National Association of Home Builders (NAHB), shows that 117,000 multifamily residences started construction during the quarter. Of that total, 109,000 were built for rent, up 5% from 2025Q2.

NAHB noted that its prior analysis suggests multifamily for-rent housing starts have primarily occurred in smaller metro areas and lower-density markets amid ongoing weakness in urban core areas.

Built-for-rent units accounted for 93% of multifamily construction starts in Q2. By comparison, the share reached a historical low of 47% in 2005Q3 during the condominium construction boom, while the average share was 80% from 1980–2002.

There were 8,000 multifamily condominium unit starts in Q2, up slightly from 7,000 a year earlier.

NAHB also reported that the elevated rental share of multifamily construction is keeping typical apartment sizes below pre-Great Recession levels. The average size of multifamily construction starts increased slightly to 1,053 square feet in Q2, while the median increased to 1,008 square feet.