Multifamily Starts Are on the Rise

WASHINGTON, DC-Numbers released by the US Department of Commerce concluded that October was an exceptional month for the homebuilding industry, and the good news extends to both single-and multifamily development. Housing starts among multifamily properties increased 9.5% over September, with 382,000 new units getting under way compared to 349,000 last month; the rates are seasonally adjusted.

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.”