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Smaller Multifamiles Gained Market Share in 2019

The NAHB’s Eye on Housing says that a shift has taken place in the number of multifamily units built as smaller properties, reversing a trend that favored larger buildings over recent years. Citing data from the Census Bureau’s 2019 Survey of Construction, they point out that the number of multifamily units completed in buildings with 9 or fewer units and 10 to 29 units increased in both relative and absolute terms in 2019 while buildings with 30-49 units or 50 or more units decreased.

In addition, they report that the total number of multifamily units completed in 2019 was 352k, with 321k units built-for-rent and 31,000 units built-for-sale (condos).

 

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