Commerce Department data released last week show that, of the 10 busiest U.S. markets for home construction, those that grew the fastest in this year’s first half from the same period a year ago generated more than half of their construction as multifamily complexes rather than detached, single-family homes.
Notes WSJ:
It’s further proof that the increase in construction of multifamily rental properties is handily outpacing that of single-family, for-sale properties in the U.S. That explains how the U.S. can post gains in household formation and yet still see declines in its homeownership rates to a multidecade low.
-RW
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