Multifamily housing starts continued a monthly decline following the release of the latest data from the Census Bureau. Overall, housing starts declined more than 11% from July to August and nearly 15% from August 2022. Buildings with five or more units saw a 41% decline year-over-year.
Moody's Analytics shows August 2023 as the third straight month with month-to-month declines (-26.3%) in an up-and-down year since August 2022.
Housing completions for buildings with five or more units increased nearly 50% from month to month and 32% from August 2022. Permitting is also up for multifamily from the previous month but down year-over-year.
Meanwhile, single-family rent growth slipped to a nearly three-year low, according to CoreLogic. Year-over-year gains were at 3.1% in July for its latest release of the Single-Family Rent Index.