Built-for-Rent Dominates Multifamily Development

March 14, 2019
Multifamily development
Photo: Unsplash/Brandon Griggs

Rental unit starts are currently dominating multifamily development, with 94 percent of the market share.

According to the NAHB’s Eye on Housing blog, just 24,000 multifamily condo units were started over the last year, up slightly from 20,000 in 2017. This is expected to continue to shift, as multifamily developers get back into the built-to-sell market.

The rise in built-to-sell units is also expected to drive up the average size of multifamily units, which was just 1,136 square feet in the fourth quarter of 2018.

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