RealPage senior real estate economist Chuck Ehmann reported Monday that seasonally adjusted annual rates for both permitting and starts in multifamily declined month-over-month and year-over-year as of June, according to U.S. Census Bureau data. The rate for multifamily permitting dropped 13.5% from May to 467,000 units, a 33.1% decrease from the same time last year.
Ehmann wrote in a blog post titled “Multifamily Development is Definitely Slowing” that the rate for starts was revised down 14.5%, from 624,000 units to 545,000 units in May; while June’s pace of 482,000 was 11
