Multifamily construction continues to show strength, and the typical unit size today remains below levels during the housing boom, the NAHB reports.
A driving force of the smaller average is the market share increase of one-bedroom apartments.
According to the NAHB's analysis of Census Survey of Construction data, "the market share of multifamily completions of units with two or more bedrooms reached a data series low in 2014,” the report says. “For 2014, 53% of new multifamily units placed into service possessed two or more bedrooms, down from 69% ten years ago. Except for a brief rise during 2011 and 2012, the market share of larger units (as measured by number of bedrooms) has been declining since 2005.”
