Multifamily Rental Development Surged During Q2 2022
Roughly 142,000 multifamily, for-rent housing units were started during the second quarter of 2022, making it the largest quarter for multifamily construction since Q2 1986, NAHB Eye on Housing reports. The total market share of rental units in new multifamily construction projects rose to 96%, a stark contrast to the historical low share of 47% set during the third quarter of 2005. New multifamily construction starts are averaging 1,057 square feet, a level downsized from slightly larger floor plans seen during the pre-Great Recession period.
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts surged during the second quarter of 2022. At 142,000 units started, this was the largest quarter for rental multifamily construction since the second quarter of 1986.
For the second quarter, there were just 7,000 multifamily condo construction starts.