Multifamily housing starts are looking to rebound after a downward trend in March. Starts of five or more units slipped nearly 21% from February and almost 44% from March 2023, according to the U.S. Census Bureau.
Meanwhile, completions increased 4.6% from February, despite the nearly 20% drop year-over-year. Permits for five or more units were unchanged from February but slipped 22% year-over-year.
"A higher pace of completions in 2024 for multifamily construction will place some downward pressure on rent growth.... Multifamily permits decreased 1.2% to an annualized 485,000 pace and are down 20.2% compared to March 2023, which is a sign of future apartment construction slowing," according to the National Association of Home Builders.