Multifamily permitting continues to trend down, according to a recent report from RealPage.
New York continues to lead the country in permitting but continues to cool, with a total of 22,288 units permitted in the 12-months-ending November. That is down by almost 15,700 units from last year, writes analyst Chuck Ehmann.
Phoenix was the big mover on the list, up two spots to No. 2 with 20,890 units permitted. Austin was third (20,866 units) and Dallas ranked fourth (19,711).
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Houston, Atlanta, Washington DC, Los Angeles, Miami, and Raleigh-Durham round out the top 10, respectively.
Major markets with significant declines in permitting include Philadelphia (-9,495 units), Seattle (-7,567 units), Minneapolis/St. Paul (-6,049 units), Boston (-5,001 units), San Antonio (-4,494 units), and Denver (-4,120 units).
Phoenix and Miami were the top unit gainers, with Nashville (+5,149 units), Riverside (+4,824 units), Greensboro/Winston-Salem (+2,579 units), San Diego (+2,480 units) and Charlotte (+1,950 units) faring well.
"The November seasonally adjusted annual rate (SAAR) for multifamily permits fell 9.6% from October's rate and 21.3% from last year to 435,000 units," according to Ehmann. "That figure is well below the annual total for not seasonally adjusted multifamily permits of 513,600 units."
Completions of multifamily units jumped 26.5% from October to 472,000 units and increased 9.5% from last November.
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