Mid-2021 Multifamily Construction Update

Starts for new multifamily rental and condominium construction have remained robust in 2021, in the wake of the COVID-19 pandemic, according to the Dodge Data & Analytics Supply Track construction pipeline. As shown in the chart below, the total number of new apartment rental units started in the first half of 2021 increased 5.8% from the same period of 2020 to approximately 216,000 units, and it is also up from approximately 208,000 units that were started in the first half of 2019. Revised data for the full year of 2020 show apartments units started declined just 1.0% in 2020 from the prior year, to 437,000 units.

Read the August 2021 Market Commentary