Industry officials had expected the situation to look up following September's inclement weather, but the large jump in percentage points came as a welcomed surprise. The new figure constitutes the largest increase in starts since December of last year.

"Excellent financing conditions are still the key to solid housing market performance, including much of the strength on the condo side of the multifamily market," notes David Seiders, chief economist for the National Association of Home Builders. "Improving economic conditions, particularly job and income growth, are additional factors in housing's favor heading forward."

While multifamily starts were on the rise across the country, activity was particularly abundant in the Northeast where multifamily housing starts escalated by 20%. In the Midwest, the starts increased by 8.6%, and in the West and the South, the numbers went up 5% and 4%, respectively. The additional units getting underway will accommodate significant current, and impending, demand in selected markets.