Multifamily Completions Have Leveled Off

According to NAHB Eye on Housing, there were 62,600 completions of privately financed, unfurnished, unsubsidized apartments in buildings with five or more units in the second quarter of 2016.

The figure is up from Q1 2016, but down significantly from the high of 84,000 in Q3 2015.

Census also reports on the absorption rate, or the share of these units that were rented within three months after the completion date. For apartments completed in the second quarter of 2016, the absorption rate stood at 58 percent, down 8 percent from the same quarter last year (66 percent).

Multifamily starts and condominium completion totals are essentially unchanged from last year.

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