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Material shortages will almost certainly lead to development cost increases and project delays in the multifamily sector as rapidly rising prices continue to trouble the construction industry. 

A new survey from the National Multifamily Housing Council shows that builders are increasingly concerned about supply constraints and increasing costs, with 40% of respondents citing price increases north of 20% for their most impacted materials. And those concerns are led, of course, by continuing stress surrounding the sky-high price of lumber which is “creating a serious impediment for apartment developers and construction firms,” NHMC vice president of research Caitlin Walter writes in a recent piece analyzing the data. 

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