The NAHB's Multifamily Market Survey (MMS) for Q3 2024 revealed mixed trends. Despite solid occupancy, rising construction costs, financing hurdles, and regulatory challenges annualized multifamily construction starts have reduced from over 450,000 units (2021-2023) to below 350,000 in late 2024. The NAHB anticipates construction activity will remain subdued until late 2025, when the market may begin to recover toward long-term trends.

 
Tom Tomaszewski, chairman of NAHB's Multifamily Council, explained, "Demand for rental apartments remains strong enough to support relatively high occupancy rates in existing projects. However, construction costs, the cost and access to financing, and the availability of land and regulations remain significant obstacles to new multifamily development."



https://www.nahb.org/news-and-economics/press-releases/2024/11/multifamily-developer-sentiment-showed-mixed-results-in-third-quarter

https://www.census.gov/construction/nrc/pdf/newresconst.pdf