Published in Building Design + Construction: 2019 Multifamily Giants Report
October 23, 2019
Apartment construction keeps moving along, but affordable housing lags behind
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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—notably the market-rate and luxury rental sectors—remains 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, Stantec. “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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