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For the first time in four years, construction of new apartments across America has fallen below the 10-year average.
The exception is the Northeast, where multi-family housing saw a 20 percent growth led by a new surge of activity in the New York City metro area.
A Nov. 2 analysis by RentCafe reported a 27 percent decline in the number of new units expected to open this year, to an estimated 442,395 from last year’s 605,768.
The number has also fallen below the 10-year average of nearly 466,000 units.
Compiled by RentCafe’s sister company Yardi Matrix, the overall analysis examined new apartment construction data from 369 U.S. metro areas, covering buildings with 50 or more units….
The exception is the Northeast, where multi-family housing saw a 20 percent growth led by a new surge of activity in the New York City metro area.
A Nov. 2 analysis by RentCafe reported a 27 percent decline in the number of new units expected to open this year, to an estimated 442,395 from last year’s 605,768.
The number has also fallen below the 10-year average of nearly 466,000 units.
Compiled by RentCafe’s sister company Yardi Matrix, the overall analysis examined new apartment construction data from 369 U.S. metro areas, covering buildings with 50 or more units….
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