According to NAHB Eye on Housing, there were 62,600 completions of privately financed, unfurnished, unsubsidized apartments in buildings with five or more units in the second quarter of 2016.
The figure is up from Q1 2016, but down significantly from the high of 84,000 in Q3 2015.
Census also reports on the absorption rate, or the share of these units that were rented within three months after the completion date. For apartments completed in the second quarter of 2016, the absorption rate stood at 58 percent, down 8 percent from the same quarter last year (66 percent).
Multifamily starts and condominium completion totals are essentially unchanged from last year.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development