Mid-2022 Multifamily Construction Update

Starts for new multifamily rental and condominium construction have continued at historically high levels in 2022, though the levels of the first half of the year are down modestly from the record levels achieved in mid2021, according to the Dodge Data & Analytics Supply Track construction pipeline. As shown in the chart below, although the total number of new apartment rental units started in the first half of 2022 increased 6.5% from the same period of 2021 to approximately 277,000 units, the number of units started each quarter has been in decline since the second quarter of 2021, when it peaked at 149,000 units.

Read the August 2022 Market Commentary