There’s positive news for the multifamily market! According to the U.S. Census and Department of Housing and Urban Development, overall housing starts increased in April, driven by a surge in multifamily building.
Here’s a breakdown of the key takeaways:
- Multifamily Starts Jump: Starts for properties with five or more units surged 31.4% in April, reaching a pace of 322,000 units. This increase fueled the entire gain in total housing starts for the month.
- Single-Family Starts Remain Flat: Single-family starts, which make up the majority of residential construction, remained largely unchanged compared to March. While year-to-date they’re still up, this suggests a potential slowdown.
- Long-Term Outlook for Multifamily: Despite the April upswing, multifamily building can be volatile month-to-month. However, the strong start suggests continued demand for multifamily housing.
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