Construction of multifamily rental properties is outpacing single-family for-sale properties
The Wall Street Journal found that more than half of the home construction in each of the nation’s 10 busiest markets this year consists of building multifamily projects.
The finding is even more evidence that construction of multifamily rental properties is outpacing single-family for-sale properties. While the trend has its downsides, including estimates that say construction of single-family homes provides three times as many jobs as the construction of complexes, it might turn beneficial for home builders in the future. Current renters skew younger, and they might want to buy new homes in coming years.
The ten markets with the most residential building permits issued over the first six months of the year include New York, Houston, and Dallas.