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Multifamily Permits, Starts Post Monthly and Annual Declines
The seasonally adjusted annual rates for both permitting and starts in multifamily declined month-over-month and year-over-year as of June, RealPage senior real estate economist Chuck Ehmann reported Monday, citing U.S. Census Bureau data. June’s multifamily permitting rate slowed 13.5% from May to 467,000 units, down 33.1% from last June.
In a blog posting headlined “Multifamily Development is Definitely Slowing,” Ehmann wrote that the rate for starts in May was revised down from 624,000 units to 545,000 units, a downward revision of -14.5%. June’s pace for multifamily starts of 482,000 units was still 11.6% below May’s revised rate and down 11.3% year-over-year.
Compared to a year ago, the annual rate for multifamily permitting decreased in three of the four Census regions, with the deepest decrease in the Northeast (down 55.4% to 36,000 units). Multifamily starts were up Y-O-Y only in the South, with a moderate increase of 5.9% to 266,000 units.
- ◦Development
