Rental apartment construction reaches 27-year high

November 21, 2014

Construction of multifamily housing units is running at its strongest 12-month pace since 1989, real estate blogger Nick Timiraos reports.

 

From the apartment structures being built, more than 93 percent of these units are being constructed as rentals. But housing starts in general fell in October because of a 15.5 percent drop in the multifamily sector. In contrast, single-family home construction has been much weaker.

 

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