It looked like multifamily developers were maybe trying to squeeze in one more project to close out the calendar year, according to a new report from RealPage analyst Chuck Ehmann.

While permitting continues to trend lower, the seasonally adjusted annual rates (SAAR) for both multifamily permitting and construction starts ticked up to end 2023, according to RealPage data.

The December SAAR for multifamily permits increased 1.4% from November's rate to 449,000 units and the annualized rate for multifamily starts jumped 7.5% from last month to 417,000 units, Ehmann reported.

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