NAA Industry Insider: Apartment Construction Soars, But Red Flags Flutter

The Commerce Department reports that housing starts jumped 7 percent in March, led by gains in rental apartment construction as single-family starts declined. Multifamily construction was up 27 percent from February and 82 percent year-over-year to an annualized pace of 392,000 -- which is substantially higher than the 10-year average of 238,000. For the first time since the mid-1980s, multifamily housing starts were more than two-thirds of single-family. With an increase in apartment supply on the way, some analysts are worried about apartment REITs.

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