Building Permits for Apartments Declined Nearly 30 Percent Since Pandemic: Report

Fewer builders are seeking permits for multifamily housing units or apartments as many remain concerned about high interest rates and new supply hitting the market, according to real estate brokerage Redfin. Redfin analyzed data from January through May of this year and compared it to the same five-month span in 2021, 2022, and 2023. “Builders obtained permits to construct 13 multifamily housing units for every 10,000 people in the U.S. so far this year, down nearly 30 percent from an average of 18 during the same periods in 2021–2023,” the firm said in a July 9 press release. “Multifamily building permits have dwindled not because they’re harder to get, but because builders are seeking fewer of them.”...