Challenges straining workers and the labor market at large in the U.S. are rippling through the multifamily and residential sectors amid an overall decline in new construction.

A new study by Marcus & Millichap reveals that while the national unemployment rate reached a three-year high of 4.3% in July, a double-digit decline in housing starts and permits, along with elevated borrowing costs, may offer some relief to apartment investors.

"A reduction in the pace of new supply should nevertheless help stabilize the [apartment] sector following recent rent softness," Marcus & Millichap said. "Meanwhile, decelerating single-family housing construction may sustain affordability barriers."