NMHC: Multifamily Construction Levels May Have Begun Stabilizing

NMHC: Multifamily Construction Levels May Have Begun Stabilizing
News| December 19, 2025| Paul Bubny
Apartment Buildings

Multifamily starts were relatively unchanged compared to three months ago, according to the National Multifamily Housing Council’s December 2025 NMHC Quarterly Survey of Apartment Construction & Development Activity. Twenty-five percent of respondents reported that their companies started fewer projects than three months ago, 26% said they started a greater number of projects and 43% reported that starts were at the same level as three months ago. 

CoStar data show that multifamily starts have been on a downward trajectory since early 2022, although Yardi Matrix cites a continuing supply/demand imbalance as a factor in negative rent growth nationally. NMHC said the results of its latest survey suggest that multifamily construction levels may have finally started to stabilize.

“Starts have pulled back drastically over the past two years amid high interest rates and slowing rent growth,” said NMHC chief economist Chris Bruen. “Yet builders and developers are currently reporting lower costs for construction materials and labor and have expressed optimism about their long-term prospects.” 

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