Mid-2023 Multifamily Construction Update

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.

Read the August 2023 Market Commentary