Multifamily starts fell 32.8% year over year in October, with permits pulled falling 27.8%. Completions rose to 408,000 in October, a 14.3% increase.
Construction starts peaked in May of this year and that new supply will continue to hit the market through 2024-2025. Yardi projects 487,512 new units will deliver in 2023 with 536,145 expected in 2024.
Multifamily Market News 