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  • Writer's pictureRealFacts Editorial Team

Apartment Starts Fall 43% From 2023

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Developments of multifamily units of more than 5 units fell 43% YoY in March, according to the Census Bureau and the Department of Housing and Urban Development. Apartment starts were at an annualized rate of 299,000 in March of this year compared to 515,000 in March of 2023. New permits for apartment development dropped 17.5% as well, indicating that development in the near future will remain low. The slowdown is most likely due to the high volume of multifamily that came online post-pandemic.

Despite apartment starts sinking, plenty of inventory is still coming online from the past few years of heavy development. “A higher pace of completions in 2024 for multifamily construction will place some downward pressure on rent growth,” Danushka Nanayakkara-Skillington, Assistant VP of forecasting and analysis at the National Association of Homebuilders wrote.

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