Matrix Bulletin-Multifamily Construction Starts-January 2024 February 07, 2024

2023 Multifamily Construction Starts Exceed Expectations

Multifamily construction starts surpassed what had been forecast in the first half 2023, with the expected slowdown in new development not materializing until the third quarter. Smaller and midsize markets that did not participate in the post-pandemic development boom helped drive starts, and affordable housing and single-family rentals have become increasingly important product types.