The current wave of apartment development has begun to slow after peaking in 2022. Multifamily starts have decreased by double digits annually in 13 of the past 16 months, according to a RealPage multifamily permit update.
Annualized multifamily starts were down 4.5% in September from August and down 15.7% from September last year. Meanwhile, single-family starts were up 2.7% for the month despite recent increases in the 30-year mortgage rate, according to RealPage.
Annualized multifamily starts increased sharply in the Northeast region, up 183% to 84,000 units. Starts were down 45.3% in the West, 31.6% in the South and 21.3% in the Midwest.
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