In response to NAHB evaluation of quarterly Census information, the depend of multifamily, for-rent housing begins elevated year-over-year through the first quarter of 2026. For the quarter, 107,000 multifamily residences began development. Of this whole, 103,000 had been built-for-rent. This built-for-rent whole was 21% larger than within the first quarter of 2025. Prior NAHB evaluation suggests this growth primarily occurred in smaller metro areas and decrease density markets, given ongoing weak point in city core areas.
The market share of rental models of multifamily development begins was 96% for the primary quarter. A historic low market share of 47% for built-for-rent multifamily development was set through the third quarter of 2005, through the condominium constructing growth. A median share of 80% was registered through the 1980-2002 interval.
For the primary quarter, there have been 4,000 multifamily condominium unit development begins, down considerably from a 12 months in the past (7,000) given ongoing housing affordability challenges.
An elevated rental share of multifamily development is holding typical condominium measurement beneath ranges seen through the pre-Nice Recession interval. In response to the primary quarter 2026 information, the typical sq. footage of multifamily development begins declined to 1,047 sq. ft. The median, or typical unit, posted a big decline to 960 sq. ft, the bottom on document. These measures are in step with the elevated share of multifamily built-for-rent development.
