Multifamily Demand Drives Up June Housing Starts

Posted on Jul 20 2015 - 4:11pm by Brandon De Hoyos
Apartment complex and multifamily construction

Multifamily construction is on the rise nationally, HUD and Commerce announce.

WASHINGTON– The demand for multifamily units helped see a surge in nationwide housing starts, which leaped to 9.8 percent to 1.174 million units in June, according to the U.S. Department of Housing and Urban Development and the Commerce Department.

The National Association of Home Builders said multifamily production was up 29.4 percent in June to 1.174 million units as single-family starts were down 0.9 percent to 685,000 units. 

The millennial generation, NAHB Chairman Tom Woods said, is responsible for the rise as they are continuously drawn to the rental market.

Multifamily permits rose 15.3 percent to a rate of 656,000, while single-family permits declined 0.9 percent to 687,000, according to LoanSafe.org.

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