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Multifamily Permits Dropped in February While Starts Grew

Permitting decreased in the Northeast and West, while increasing in the Midwest and South.

By Kristen Smithberg | March 26, 2025 at 04:46 AM

The seasonally adjusted annual rate (SAAR) for multifamily permitting dipped to 404,000 units in February, a 4.3% decrease from January and a 16% drop from January 2024. At the same time, annualized multifamily starts jumped 12.1% from January to 370,000 units, a 6.6% decrease from January 2024.

This is according to the latest report from the U.S. Census Bureau and the Department of Housing and Urban Development. A RealPage analysis of the data shows that the SAAR for multifamily starts, while generally trending downward, is more volatile than the nonseasonally adjusted data series for starts.

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