High interest rates and construction costs are the most serious impediments for new multifamily development according to the Q1 2024 NAHB Multifamily Market Survey (MMS).
Confidence in the market for new multifamily housing declined year-over-year in the first quarter of 2024, according to results from the Multifamily Market Survey (MMS).
According to the data released by Bureau of Economic Analysis (BEA), private fixed investment in student dormitories edged down 0.1% to a seasonally adjusted annual rate (SAAR) of $4 billion in the first quarter of 2024, after a 2.3% increase in the prior quarter. Private…
After examining trends in single-family permits, we now turn our attention to multifamily permits to continue our exploration of correlations in housing permit data. Using multifamily permits from 2012-2022, five-year and ten-year correlations are used to create an association index for each Metropolitan Statistical Area…
The Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA) estimates that 57% of 85,530 unsubsidized, unfurnished apartments completed in the third quarter of 2023 were absorbed within the first 3 months following construction completion. For condominiums, 68% of…
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the fourth quarter of 2023, there were just…
Confidence in the market for new multifamily housing was in negative territory for the fourth quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index…
