Negative buyer and builder sentiment matched with growing economic uncertainty to stifle new construction in June, with single-family permits, starts and completions taking the biggest hit
A 50-year high in multifamily building starts and completions has led to cooling rent growth and better lease terms. In July, 33.2% of rentals on Zillow included concessions, up 23% from 2023
High mortgage rates, slower homebuyer activity and weakening homebuilder sentiments created the perfect storm in June, keeping new residential construction from posting annual gains
After a generationally high apartment construction boom, some developers are now finding that the economics no longer make sense on in-progress projects