Multifamily Market Sees Upswing in New Construction

Posted on May 29, 2024

There’s positive news for the multifamily market! According to the U.S. Census and Department of Housing and Urban Development, overall housing starts increased in April, driven by a surge in multifamily building.

Here’s a breakdown of the key takeaways:

  1. Multifamily Starts Jump: Starts for properties with five or more units surged 31.4% in April, reaching a pace of 322,000 units. This increase fueled the entire gain in total housing starts for the month.
  2. Single-Family Starts Remain Flat: Single-family starts, which make up the majority of residential construction, remained largely unchanged compared to March. While year-to-date they’re still up, this suggests a potential slowdown.
  3. Long-Term Outlook for Multifamily: Despite the April upswing, multifamily building can be volatile month-to-month. However, the strong start suggests continued demand for multifamily housing.


Connect with a Friedman expert to learn how we can help with Commercial and Multifamily Property Management, Brokerage/Investment Sales & Auctions, Leasing and Tenant Representation, Construction & Design, Financing, or Facilities / Mechanical services.