Multifamily Market Commentary
Mid-2023 Multifamily Construction Update
August 23, 2023
Starts for new multifamily rental and condominium construction have dropped precipitously in 2023 from historically high levels in 2022, according to the Dodge Data & Analytics Supply Track construction pipeline. As shown in the chart below, since second quarter 2022, starts have declined at a relatively consistent rate. It is worth noting, however, that the number of starts in the second quarter of 2023 alone was around 100,000 units, according to Dodge Data & Analytics, which was a return to pre-pandemic historical levels.