The Census Bureau estimates that 255,600 multifamily housing units were completed in 2014 in buildings with at least five or more units, representing a 37.3% increase over the previous year and the highest total in those multi-unit structures since 2009.
And now an analysis of Census data by the National Association of Home Builders finds that, over the past five years, the number of completions in buildings with 50 or more units has continued to climb to where it hit 48% of total completions last year.
NAHB economist Robert Dietz notes that this trend toward larger multifamily buildings has been evident since 1996 (see chart below), after reaching a data series low of 8% in 1994 and 1995, and retrenching in 2009 and 2010 as a result of the housing recession.
Dietz also observes that completions in buildings with 20 or more units have been “well above” 50% since 2001, and accounted for 83% of the total last year.
Conversely, multifamily completions in units with nine or fewer units accounted for a relatively insignificant share of total construction last year. This would suggest that Census might need to rethink how it publicly reports its housing data, which to this point only show starts and completions for buildings with “five or more” units.
It’s worth noting, however, that multifamily construction activity in general appears to be peaking. For August, Census’s preliminary estimate for annualized completions in structures with five units or more stood at 283,000, up 0.4% from August 2014. And multifamily starts were actually down by 2.3% to 381,000.
Related Stories
Mixed-Use | Apr 23, 2024
A sports entertainment district is approved for downtown Orlando
This $500 million mixed-use development will take up nearly nine blocks.
Resiliency | Apr 22, 2024
Controversy erupts in Florida over how homes are being rebuilt after Hurricane Ian
The Federal Emergency Management Agency recently sent a letter to officials in Lee County, Florida alleging that hundreds of homes were rebuilt in violation of the agency’s rules following Hurricane Ian. The letter provoked a sharp backlash as homeowners struggle to rebuild following the devastating 2022 storm that destroyed a large swath of the county.
Student Housing | Apr 19, 2024
$115 million Cal State Long Beach student housing project will add 424 beds
A new $115 million project recently broke ground at California State University, Long Beach (CSULB) that will add housing for 424 students at below-market rates. The 108,000 sf La Playa Residence Hall, funded by the State of California’s Higher Education Student Housing Grant Program, will consist of three five-story structures connected by bridges.
Sponsored | Multifamily Housing | Apr 19, 2024
5 Reasons to Opt for Wood I-Joists in Multifamily Construction
From versatility to reliability and adaptability, engineered wood I-joists offer builders, designers and developers numerous advantages in multifamily construction. Discover the top five benefits and handy installation tips.
MFPRO+ News | Apr 18, 2024
Marquette Companies forms alliance with Orion Residential Advisors
Marquette Companies, a national leader in multifamily development, investment, and management, announces its strategic alliance with Deerfield, Ill.-based Orion Residential Advisors, an integrated multifamily investment and operating firm active in multiple markets nationwide.
MFPRO+ New Projects | Apr 16, 2024
Marvel-designed Gowanus Green will offer 955 affordable rental units in Brooklyn
The community consists of approximately 955 units of 100% affordable housing, 28,000 sf of neighborhood service retail and community space, a site for a new public school, and a new 1.5-acre public park.
MFPRO+ News | Apr 15, 2024
Two multifamily management firms merge together
MEB Management Services, a Phoenix-based multifamily management company, and Weller Management, a third-party property management and consulting company, officially merged to become Bryten Real Estate Partners—creating a nationally recognized management company.
Mixed-Use | Apr 13, 2024
Former industrial marina gets adaptive reuse treatment
At its core, adaptive reuse is an active reimagining of the built environment in ways that serve the communities who use it. Successful adaptive reuse uncovers the latent potential in a place and uses it to meet people’s present needs.
MFPRO+ News | Apr 12, 2024
Legal cannabis has cities grappling with odor complaints
Relaxed pot laws have led to a backlash of complaints linked to the odor emitted from smoking and vaping. To date, 24 states have legalized or decriminalized marijuana and several others have made it available for medicinal use.
Multifamily Housing | Apr 12, 2024
Habitat starts leasing Cassidy on Canal, a new luxury rental high-rise in Chicago
New 33-story Class A rental tower, designed by SCB, will offer 343 rental units.