Published in Building Design + Construction: 2019 Multifamily Giants Report
October 23, 2019
Apartment construction keeps moving along, but affordable housing lags behind
The latest trends and innovations in the $66 billion multifamily construction sector, as?reported in Building Design+Construction's 2019 Giants 300 Report. Despite higher construction costs and the paucity of premium sites in urban cores, the multifamily market¡ªnotably the market-rate and luxury rental sectors¡ªremains strong.?More than 318,000 units are likely to be delivered nationally this year, says market analyst?firm Newmark Knight Frank.
¡°There is no loss of demand,¡± says?James Gray, Senior Principal, ²ÝÝ®´«Ã½. ¡°The country is?under-housed,¡± adds Megan Dimmer, CEO, Humphreys & Partners Architects. In 2019, the occupancy rate of U.S. apartments stands at 95%, with rents rising 3.5% YOY, she says.?
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