Multifamily Construction Slowdown Points to Sharply Reduced Supply Ahead
The latest multifamily housing data highlights a dramatic shift that could reshape rental markets significantly. In 2024, multifamily developers started 254,100 fewer units than they completed — marking the second-largest deficit on record, second only to 1974. This supply imbalance strongly indicates a sharp decline in new apartment inventory, expected to impact markets notably by 2026.
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