NAHB: Multifamily construction migrates to less populous areas

Apartment growth is shifting to counties with lower population densities, according to the latest National Association of Home Builders Home Building Geography Index for the first quarter of 2025, released earlier this month.

The market share of apartment starts in large metro core counties continued a long-term downward trend. In 2016, it was 45.1%. Since then, it has fallen 9.4 percentage points to a 35.5% share, the lowest level since the HBGI’s inception...

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RSK: A bit of a change in multifamily housing locations. Away from the core urban and out to the country. Most likely land costs and municipal restrictions causing this.