Starts on buildings with five or more units landed at 349,000 in September, down 7.2% from August and 25.9% from a year earlier. Multifamily completions came in at 339,000, down 20.4% from a year ago, and construction input prices rose 11.2% over the year, the biggest annual jump in nearly four years.
Why it matters to multifamily marketers
A thinner construction pipeline could ease new supply pressure on lease ups later, while rising input costs may push operators to tighten marketing budgets now.