In October, there was a notable 12.6% year-over-year decline in the starts of multifamily residential buildings with five or more units, dropping to a seasonally adjusted figure of 326,000. Despite a 9.8% increase from September, this marks the lowest level of new multifamily starts since 2013. Meanwhile, completions for these apartments saw a significant 61.4% year-over-year increase to an annualized total of 615,000 units, although there was a 9% decrease compared to September. At the end of October, there were 804,000 units under construction, reflecting a 19.2% decrease year-over-year and a 3.5% decline from the previous month. Advertisers can leverage the decline in new multifamily starts and the increase in completions to target housing developers and related service providers, promoting solutions that can help drive future projects.
***Opportunity: Real Estate Developers, Apartment Complexes, Home Improvement Stores, Construction Companies, Property Management Firms
