Matrix Research Bulletin-Multifamily Forecast-Q2 2024 May 08, 2024

Multifamily New Construction Continues to Contract

The year-end decline in multifamily construction starts persisted in Q1 2024. However, elevated completion times drove a slight expansion in the number of units under construction at the end of the first quarter. The sizeable under-construction pipeline will deliver a high level of completions in 2024 and 2025, with new supply bottoming in 2026.