by calculated risk 2024/11/05 12:20:00 PM
In today’s real estate newsletter: Almost 20% of rental housing units started in Q2 were single-family homes
A brief excerpt:
along with the monthly Breaking news on the number of housing starts in September It was announced last month, but the Census Bureau also announced Residential units start with purpose and design Until Q2 2024.
The first graph shows the number of single-family and multi-family homes that were started for rental purposes. This data is quarterly and not seasonally adjusted (NSA). Although the majority of “units built for rental” are still multifamily (blue), there has been a significant increase in single-family units (red) that are starting to be built for rental.
In 2020, there were 44,000 single-family homes started for rental purposes. In 2023, that number will nearly double to 77,000. The number of rental single-family homes started in the second quarter of 2024 was 23,000, up from 21,000 in the second quarter of 2023.
In multifamily housing, 83,000 units were rented in Q2 2024, down nearly 40% from 136,000 units in Q2 2023.
A total of 106,000 rental housing units were started in the second quarter, of which 19% were single-family homes.
You can find more information in our newsletter.
