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Multifamily Dive
May 20, 2025
Developers accelerate multifamily starts despite looming tariffs and construction headwinds.
In April, multifamily housing starts for buildings with five or more units increased by 28.8% year-over-year, reaching a seasonally adjusted annual rate of 420,000, according to HUD and the U.S. Census Bureau. While permits saw a modest 2.6% uptick, the number of units under construction declined by over 20% compared to the previous year.
Industry leaders, including BLDG Ventures' Rene Bello, express concerns over the heightened impact of new tariffs on construction costs. Despite these challenges, some developers report minimal immediate pricing effects but remain cautious about future uncertainties.
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