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In keeping with NAHB evaluation of quarterly Census information, the rely of multifamily, for-rent housing begins declined considerably throughout the fourth quarter of 2023. For the quarter, 102,000 multifamily residences began building. Of this whole, 98,000 have been built-for-rent.
The market share of rental models of multifamily building begins fell again to a nonetheless elevated 96% for the fourth quarter because the already small rental market remained held again on account of larger rates of interest. In distinction, the historic low share of 47% was set throughout the third quarter of 2005, throughout the rental constructing increase. A median share of 80% was registered throughout the 1980-2002 interval.
For the fourth quarter, there have been simply 4,000 multifamily rental building begins.
An elevated rental share of multifamily building is holding typical house measurement beneath ranges seen throughout the pre-Nice Recession interval. In keeping with fourth quarter 2023 information, the typical sq. footage of multifamily building begins was comparatively unchanged at 1,050 sq. ft. The median declined got here in at 1,022 sq. ft.
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