In the United States, it is expected that there will be 5,000 multifamily housing starts less in 2023 than in 2022. It is also forecasted for the number of multifamily housing units started to keep decreasing in 2024.
Multifamily vs single-family housing demand
Multifamily housing includes various types of housing, such as apartment buildings, condominiums, duplexes, and townhouses. Housing starts fell during the 2007-2009 financial crisis for both single-family and multifamily housing. More single-family housing units are built in the U.S. annually. However, multifamily starts had returned to pre-recession levels by 2013, whereas single-family starts are still significantly below pre-recession levels.
Are multifamily homes getting smaller?
The median size of multifamily homes have slightly shrunk since 2007, which is a trend also visible in the size of newly built apartments since the recession. This trend towards smaller homes suggests that space is becoming increasingly limited, or that consumers prefer smaller homes due to smaller mortgages, lower maintenance costs and lower utility costs.
Volume of new multifamily home construction starts in the United States from 1980 to 2022, with forecasts for 2023 and 2024
(in 1,000s)
Characteristic
Housing starts in thousands
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Joint Center for Housing Studies, & National Association of Realtors. (May 6, 2023). Volume of new multifamily home construction starts in the United States from 1980 to 2022, with forecasts for 2023 and 2024 (in 1,000s) [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/184845/multifamily-house-starts-in-the-united-states-since-2000/?session=b6d772fac64b94f4c0c6472a72c8b142
Joint Center for Housing Studies, und National Association of Realtors. "Volume of new multifamily home construction starts in the United States from 1980 to 2022, with forecasts for 2023 and 2024 (in 1,000s)." Chart. May 6, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/184845/multifamily-house-starts-in-the-united-states-since-2000/?session=b6d772fac64b94f4c0c6472a72c8b142
Joint Center for Housing Studies, National Association of Realtors. (2023). Volume of new multifamily home construction starts in the United States from 1980 to 2022, with forecasts for 2023 and 2024 (in 1,000s). Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/184845/multifamily-house-starts-in-the-united-states-since-2000/?session=b6d772fac64b94f4c0c6472a72c8b142
Joint Center for Housing Studies, and National Association of Realtors. "Volume of New Multifamily Home Construction Starts in The United States from 1980 to 2022, with Forecasts for 2023 and 2024 (in 1,000s)." Statista, Statista Inc., 6 May 2023, https://www.statista.com/statistics/184845/multifamily-house-starts-in-the-united-states-since-2000/?session=b6d772fac64b94f4c0c6472a72c8b142
Joint Center for Housing Studies & National Association of Realtors, Volume of new multifamily home construction starts in the United States from 1980 to 2022, with forecasts for 2023 and 2024 (in 1,000s) Statista, https://www.statista.com/statistics/184845/multifamily-house-starts-in-the-united-states-since-2000/?session=b6d772fac64b94f4c0c6472a72c8b142 (last visited July 03, 2024)
Volume of new multifamily home construction starts in the United States from 1980 to 2022, with forecasts for 2023 and 2024 (in 1,000s) [Graph], Joint Center for Housing Studies, & National Association of Realtors, May 6, 2023. [Online]. Available: https://www.statista.com/statistics/184845/multifamily-house-starts-in-the-united-states-since-2000/?session=b6d772fac64b94f4c0c6472a72c8b142