Developers Pull Back Sharply on Multifamily Construction as Financing Costs Skyrocket

Commercial Real Estate Direct, August 29, 2023–Carly Pendergast
The number of apartment units for which construction is in the starting phase declined in June to a 477,000-unit annual run rate, according to the U.S. Census Bureau. That’s a 16.5% drop from the 571,000-unit construction starts in May.
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