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Another Day, Another Concerning Read On US Housing
New residential construction activity decelerated sharply in the US last month, data released on Wed
Noisy though it may be, multifamily is in a downtrend. Interest rates high, construction cost high, CRE debt stress, lender aversion, high vacancy and weak rent growth in the formerly hot Sunbelt metros.
Even in the single homes markets in some of those areas. Multifamily builders and owners need another strong hurricane season to ramp up demand.
Gosh this is a depressing conjuncture. Seemed charming when farmers prayed for rain. Not so much when builders turn into stormtrackers as a demand boost. Which makes me wonder in this climate change world, how many SF or MF units are lost to “natural” disasters before they are even completed? Surely that line is going up and to the right.