For Multifamily Executive, Hamilton Zanze CEO Kurt Houtkooper details the reasons for optimism about the multifamily market and his company’s plans for 2024.Read
Apt. Starts Remain Volatile in May
New multifamily construction declined 1.2% in May after increasing by 11.9% in April, according to data from the Census Bureau and the Department of Housing and Urban Development. Meanwhile, building permits were up month over month and year over year.
Nationwide, new residential construction declined 0.3% from April, with new starts reaching a seasonally adjusted annual pace of 1,164,000, a 9.5% increase from the same period last year. Single-family housing starts increased 0.3% to an annualized 764,000, while starts in properties of five or more units reached 396,000.
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