Mortgage Professional America (April 10, 2020) -- Early impacts from the effects of the COVID-19 pandemic on the U.S. housing market are now apparent, as first quarter reports show early declines in both multifamily permits and starts.
Multifamily permits dipped to 415,000 units in February, according to a report by RealPage. That’s down more than 20% compared to January. Pre-pandemic, U.S. multifamily permit volumes were actually at their highest since 2015, as construction starts hit a 34-year high in January. A total of 522,000 multifamily units were approved for construction at that time, and work was underway on an additional 547,000 units, according to seasonally adjusted data from the U.S. Census Bureau.
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