Multifamily construction starts were solid and firm through the first half of the year, resulting in the number of under-construction units not in lease-up on the rise, according to a Q4 Multifamily Supply Forecast Report from Yardi Matrix.
Additionally, the under-construction pipeline increased 7.6% in the third quarter. Therefore, its Q4 supply forecast shows a 5.8% increase in completions for 2024 and a 6.2% spike for 2025, according to its Senior Research Analyst, Ben Bruckner.
It also found that it's taking longer than normal to complete construction for both garden and mid-rise buildings.
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