Coming off an exorbitant year of multifamily development, National Association of Home Builders (NAHB) said this week that starts will drop by 20% this year, which should help to reduce inflation.
Multifamily starts totaled 472,000 units in 2023, down 14% compared to the previous year. NAHB expects 379,000 total this year.
There are approximately 1 million units currently under construction — near the highest level since 1973.
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