Builders Less Confident in Multifamily Market – NMP
Industry News

Builders Less Confident in Multifamily Market

May 24, 2019
Photo credit: Getty Images/sculpies

Builder confidence in the market for new multifamily housing frayed during the first quarter, according to the latest Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB).
 
The MMS consists of two indices. The first is the Multifamily Production Index (MPI), which dropped seven points to 40 compared to the previous quarter. This is the lowest MPI reading since the third quarter of 2010. All three components of the MPI fell during the quarter: the component measuring low-rent units dipped by one point to 47, the component measuring market rate rental units slid seven points to 42 and the component measuring for-sale units tumbled down 13 points to 31.
 
The second index within the MMS, the Multifamily Vacancy Index (MVI) rose three points to 48, with higher numbers indicating more vacancies. This is the highest MVI reading since the first quarter of 2010.
 
"Builders and developers are being cautious to see what happens with projects that were recently completed," said Gary Campbell, CEO of Gilbert G. Campbell Real Estate in Lowell, Mass., and chairman of NAHB’s Multifamily Council. "However, we're seeing that developers are reasonably optimistic about what's ahead for units on the affordable end of the spectrum."
 
In May, builder confidence in the market for newly-built single-family homes took a three-point rise to 66, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) data, marking the highest level of confidence since October 2018.
 
About the author
Phil Hall
Link copied
Published
May 24, 2019
Get the NMP Daily
C-Suite Strategies
Bed Bath & Beyond Is Buying A Mortgage Company

Retailer moves deeper into housing, mortgage, title and insurance with planned acquisition of Fathom Holdings

Bed Bath & Beyond is best known for helping consumers outfit their homes. Now, the company is making a bigger bet on helping them buy and finance them.The retailer announced plans to acquire Fathom Holdings Inc., a technology-driven real estate services platform with ope...

Continue reading
Regulation and Compliance
MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency

MISMO has released an updated version of its Business Glossary, expanding standardized definitions across key areas of mortgage lending as the industry continues to adopt new technologies, digital processes, and compliance frameworks.The mortgage industry's standards organiz...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Trump Taps Former CFPB Deputy Brian Johnson To Lead Bureau

MBA backs the nomination as lenders await clarity on the future direction of consumer finance regulation under the Trump administration

Industry News
Jun 12, 2026
Trump Names FHFA Director Bill Pulte Acting Director Of National Intelligence

FHFA director will continue overseeing Fannie Mae and Freddie Mac while serving as acting director of national intelligence

Industry News
Jun 02, 2026
Realtor.com Launches AI Home Search Platform Built With Google

New RealAssist tool combines AI, affordability guidance and Google Maps data to engage buyers before they reach lenders

Industry News
Jun 02, 2026
Another MLS Challenges Zillow In Fight Over Listing Visibility

Realtracs joins MRED in pushing back on Zillow's listing policies, a battle with potential implications for the broader homebuying and mortgage ecosystem

Industry News
May 29, 2026
Gas Prices Are Quietly Reshaping Homebuyer Affordability

Rocket Money data suggests rising fuel costs are adding pressure to already payment-sensitive buyers as mortgage rates remain elevated

Industry News
May 28, 2026
MISMO Targets Costly TRID Fee Cures With New Mortgage Fee Standardization Framework

MBA’s standards organization says inconsistent fee naming still drives costly redisclosures and rework, with fee-related cures affecting more than 30% of mortgage loans

Industry News
May 27, 2026