Skip to main content

Rental Apartment Construction at 20-Year High

Phil Hall
Jul 12, 2017
The National Association of Home Builders’ (NAHB) Multifamily Production Index (MPI) fell 10 points to 46 in the third quarter, its lowest reading since the second quarter of 2011

After years of relatively mild activity, rental apartment construction is now at a 20-year high, according to data from Yardi Matrix. By the end of this year, apartment completions are expected to top 345,000, a 21 percent increase from last year’s level of more than 285,000 new units.
 
New York City leads the rental apartment construction market, with more than 17,000 new units in 2016 and nearly 27,000 projected for this year. Dallas is the nation’s second fastest growing rental apartment market, with 25,000 new units planned for completion this year, while Denver and Seattle are expected to see 13,100 and 10,100 new units this year, respectively.
 
On the other hand, California is not experiencing an apartment construction boom to meet its population needs. The capital city of Sacramento is expected to see only 740 new units this year, while Riverside is on target for 1,170 new units. Among the nation’s major metro areas, New Orleans is the least active with only 500 units projected for this year.

 
Published
Jul 12, 2017
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021
SRE Mortgage Alliance 'Restructuring & Reorganizing'

Owner of technology-based wholesale residential mortgage lender in El Segundo to determine organization's future.

Wholesale
Oct 15, 2021
Ginnie Mae Issued Record MBS Volume In FY2021

The record $939 billion issued included nearly $73 billion in September.

Industry News
Oct 14, 2021
UWM Completes Test Of Cryptocurrency Mortgage Payments

United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.

Industry News
Oct 14, 2021
Arvielo Re-Appointed To HUD Advisory Committee

Nationwide mortgage lender New American Funding’s Co-Founder and President Patty Arvielo has been re-appointed to serve on the U.S. Department of Housing & Urban Development's Housing Counseling Federal Advisory Committee.

Industry News
Oct 13, 2021