In MFE's July/August issue, contributor Jennifer Lash explores how multifamily construction faces challenges with increased supply coming online and lower starts; however, she finds the industry seems poised to weather the looming dip in deliveries. https://lnkd.in/gAFTarw8
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CEO Texas Multifamily Investor Network | Co-Founder the PATH | Co-Founder reVISION Masters | Co-Founder Lakeside Luxury Retreats | CEO Open Sky Land Co.
Yardi Matrix Anticipates Slowdown in New Construction in 2024 Multifamily construction starts declined in 2023, but exceeded expectations considering the turmoil in the financial markets. A new report on multifamily construction starts from Yardi Matrix states that the number of units that broke ground in 2023 ranks third in recent years, behind 2022 and 2021. https://lnkd.in/gYzwnVqY
Yardi Matrix Anticipates Slowdown in New Construction in 2024 - Boston Real Estate Times
https://bostonrealestatetimes.com
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With more construction projects underway, multifamily housing supply is projected to increase to nearly 7% by the end of the year, according to a new report from Yardi Matrix. Read More👇 https://lnkd.in/er93FtvZ #multifamily #multifamilyrealestate #multifamilyinvesting #passiveincome #realestateinvesting #realestate #accreditedinvestor #accreditedinvestors
Forecast predicts robust multifamily housing supply in 2023 — Real Estate Investor MBA
rei.mba
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Commercial and multifamily construction starts across the top 10 metropolitan areas of the U.S. fell 10% in the first half of 2023, relative to that of 2022. However, Miami, FL remains flat in 2023 after 34% increase in 2022.
Commercial and multifamily construction starts accelerated in top metro areas, but drop in Chicago | Dodge Construction Network
https://www.construction.com
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Here's an interesting look at the top U.S. markets for #multifamily construction. As expected, those markets are in Texas, Florida, Georgia and Arizona where much inward migration is occurring. When broken down by construction starts, the top three are Austin, Dallas and Atlanta. According to Multi-Housing News and Yardi, these top 10 most active metros account for approximately 422,000 units, 40 percent of the national total. https://lnkd.in/gstXFdPv #atlantarealestate #constructionindustry
Top 10 Markets for Multifamily Construction
https://www.multihousingnews.com
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With more construction projects underway, multifamily housing supply is projected to increase to nearly 7% by the end of the year, according to a new report from Yardi Matrix. Read More👇 https://lnkd.in/er93FtvZ #multifamily #multifamilyrealestate #multifamilyinvesting #passiveincome #realestateinvesting #realestate #accreditedinvestor #accreditedinvestors
Forecast predicts robust multifamily housing supply in 2023 — Real Estate Investor MBA
rei.mba
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Multifamily construction starts have slowed, but an increase in completions is set for the remainder of 2024 and into 2025. #RealEstate #ConstructionTrends #HousingMarket #MultifamilyConstruction #FutureLiving https://bit.ly/3wmrzfV
Multifamily Construction Decreases, but Completions Rise This Year
rismedia.com
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Anecdotally I'm observing this but crazy to see actual numbers behind it. Only one Class-A multifamily project totaling 112 units started construction in D.C. proper in Q3 2023 vs. 3,617 in Q3 2022. On average D.C. typically sees construction starts totaling approximately 10,000 units per year, so assuming demand stays at least relatively stable, inventory is going to be incredibly tight in the next 18-24 months. There's nothing that local officials can do to help with the macro conditions related to debt/equity markets, but they should be doing absolutely everything they can to help/encourage developers to get projects from the planning stage to the construction stage ASAP. There's levers that can be pulled, just requires some outside-of-the-box solutions... Muriel Bowser
D.C. Area Sees Slowest Quarter Of New Apartment Construction Since 2010
bisnow.com
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Owner & Chief Visionary Officer, Fiorilli Construction | POSITIVELY IMPACTING ONE BILLION PEOPLE THROUGH THE SPACES WE CONSTRUCT
Amidst the rising costs of multifamily construction, the key to success lies in astute financial strategies without compromising quality. Thoughtful planning, like minimizing square footage and choosing functional roofing, further contributes to efficient construction. In a competitive market, cost-saving measures are the cornerstone of successful multifamily property development. Great read! #FiorilliConstruction #BuildingTogether #multihousing https://hubs.la/Q01_wDsQ0
6 Effective Ways to Reduce Multifamily Construction Costs
butterflymx.com
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LinkedIn Top Voice | Senior Real Estate Economist, U.S. News & World Report | Public Speaker | Public Relations Consultant | Principal Economist, MetroIntelligence
Construction spending update: > November construction spending was estimated at a seasonally adjusted annual rate of $2,050.1 billion, up 0.4 percent from October and 11.3 percent year-on-year. This is the 11th consecutive month of increases. > During the first eleven months of 2023, construction spending amounted to $1,817.1 billion, up 6.2 percent year-on-year. > For private residential construction, spending on new single-family homes rose 2.9 percent from October and 5.5 percent year-on-year to $400.4 million. > Spending on multifamily construction edged up 0.1 percent from October and was up 13.6 percent year-on-year. Link to report in comments. #constructionspending #realestate #housingmarket #homebuilding #newhomes #multifamily #btr #censusbureau
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In 2023, Atlanta experienced a record-breaking year for multifamily construction, leading to the largest-ever divergence between overall and stabilized vacancy rates. Stabilized properties, with at least 90% occupancy or open for 18 months, have a vacancy rate of 9.5%, while the overall vacancy rate, including new projects still leasing, stands at 12.4%. This gap highlights the differing challenges faced by property owners competing with new developments versus those with stabilized properties. Historically, the gap averaged about 120 basis points pre-pandemic but has recently expanded significantly. The high stabilized vacancy rate is impeding rent growth, currently at a negative 2.3% year-over-year. Despite recent construction slowing, Atlanta's multifamily inventory saw substantial growth, adding nearly 24,000 units in the past year. Increased competition has led to more properties offering concessions, with 39% now providing incentives compared to 6% in early 2022. Both vacancy rates are expected to remain stable this year, with a return to positive rent growth anticipated in 2025 as the construction pipeline diminishes.
Multifamily Construction Surge Drives Atlanta's Widest Gap Between Stabilized and Overall Vacancy Rate on Record
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