Luxury condo developments may grab the headlines, but rental housing is the true workhorse in the booming multifamily sector, according to a Wall Street Journal report.
The Journal's Nick Timiraos reports that construction of multifamily housing units—those with five units or more—is running at its strongest 12-month pace since 1989, and that 93% of units in buildings with at least two units are being constructed as rentals.
The multifamily sector is now outpacing the peak construction rate in the previous housing cycle, in 2006, according to the WSJ.
Related Stories
Museums | Jan 18, 2023
Building memory: Why interpretive centers matter in an era of social change
The last few years have borne witness to some of the most rapid cultural shifts in our nation’s long history. If the experience has taught us anything, it is that we must find a way to keep our history in view, while also putting it in perspective.
ProConnect Events | Jan 17, 2023
3 ProConnect Single Family events for Home Builders and Product Manufacturers set for 2023
SGC Horizon, parent company of ProBuilder, will present 3 ProConnect Single Family Events this year. At ProConnect Single Family, Home Builders meet in confidential 20-minute sessions with Building Product Manufacturers to discuss upcoming projects, learn about new products, and discover practical solutions to technical problems.
University Buildings | Jan 17, 2023
Texas Christian University breaks ground on medical school for Dallas-Fort Worth region
Texas Christian University (TCU) has broken ground on the Anne Burnett Marion School of Medicine, which aims to help meet the expanding medical needs of the growing Dallas-Fort Worth region.
Green | Jan 17, 2023
Top 10 U.S. states for green building in 2022
The U.S. Green Building Council (USGBC) released its annual ranking of U.S. states leading the way on green building, with Massachusetts topping the list. The USGBC ranking is based on LEED-certified gross square footage per capita over the past year.
Libraries | Jan 13, 2023
One of the world’s largest new libraries opens in Shanghai
Designed by Schmidt Hammer Lassen Architects, Shanghai Library East covers more than 1.2 million sf, 80% of it dedicated to community activity.
Religious Facilities | Jan 9, 2023
Santiago Calatrava-designed St. Nicholas Greek Orthodox Church opens in New York
In December, New York saw the reopening of the new St. Nicholas Greek Orthodox Church and National Shrine—the only religious structure destroyed on 9/11. Renowned architect and engineer Santiago Calatrava designed St. Nicholas Church to address the traditional Greek Orthodox liturgy while honoring the Church’s connection with the World Trade Center Memorial site.
Government Buildings | Jan 9, 2023
Blackstone, Starwood among real estate giants urging President Biden to repurpose unused federal office space for housing
The Real Estate Roundtable, a group including major real estate firms such as Brookfield Properties, Blackstone, Empire State Realty Trust, Starwood Capital, as well as multiple major banks and CRE professional organizations, recently sent a letter to President Joe Biden on the implications of remote work within the federal government.
Sustainability | Jan 9, 2023
Innovative solutions emerge to address New York’s new greenhouse gas law
New York City’s Local Law 97, an ambitious climate plan that includes fines for owners of large buildings that don’t significantly reduce carbon emissions, has spawned innovations to address the law’s provisions.
Fire and Life Safety | Jan 9, 2023
Why lithium-ion batteries pose fire safety concerns for buildings
Lithium-ion batteries have become the dominant technology in phones, laptops, scooters, electric bikes, electric vehicles, and large-scale battery energy storage facilities. Here’s what you need to know about the fire safety concerns they pose for building owners and occupants.
Market Data | Jan 6, 2023
Nonresidential construction spending rises in November 2022
Spending on nonresidential construction work in the U.S. was up 0.9% in November versus the previous month, and 11.8% versus the previous year, according to the U.S. Census Bureau.
