According to a recent study by Yardi Matrix, a multiunit construction analytics firm, there have been significant shifts in the number and types of multifamily housing developments over the past decade, including market rate, affordable, single-family rental, senior, and student housing.
The report mentions there may be a delay in gathering the data for starts, so the results for 2023 are still incomplete. Once all the data is available, analysts believe the decline in multifamily starts for 2023 will be even smaller than currently shown. Compared to the starts recorded in the first three quarters of 2022, the number of starts in the first three quarters of 2023 decreased by 11.6 percent.