Market conditions for apartments are improving, though costs and delays remain problematic, according to a survey from the National Multifamily Housing Council.
The latest edition of the NMHC Quarterly Survey of Apartment Construction & Development Activity found on the positive side that price increases and construction delays have come down from their post-pandemic peaks, and the labor market has eased up.
Construction delays remain common, with 79% of respondents reporting delays, but that compares with 84% in December 2022, 90 percent in September 2022 and the 97% in June 2022. Respondents cited project infeasibility as the primary cause, followed by economic uncertainty and availability of construction financing.
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