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.
“Comparing the two series, the SAAR tends to overcount starts when they are on an upward trend and undercount them on the downward trend,” said RealPage. “However, the two series tend to be in closer alignment at the peak of the series, just as they appear to be in the past few months, perhaps indicating multifamily starts are approaching the trough for this cycle.”
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