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U.S. Multifamily Starts Fall 16% in September

October 30, 2020

Multifamily construction starts in the U.S. dropped 16.3 percent in September, following a 25.9 plunge in August, as apartment developers continued to shift their focus away from urban high-rises and demand for single-family homeownership remained elevated, according to a new report by Marcus & Millichap.

The fourth-quarter special report on housing finds that single-family home sales, residential construction and renovations picked up shortly after stay-at-home orders were lifted in the spring. Contributing to the rebound was a shift in preferences as many people reevaluated their living arrangements and added features such as home offices and outdoor entertainment areas to their list of desired upgrades.
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