Rental apartment construction in the U.S. has increased to a level not seen since 1987, according to new industry numbers reported in the Wall Street Journal. Multifamily apartment construction is at its highest level in some 27 years, with 330,000 multifamily apartment units under construction as of October 2014.
Construction of multifamily housing options containing five units or more is at its highest level since 1989. The number of those units being produced for rental is at the highest level since records were first kept on the issue in 1974.
More than 93 percent of units in buildings with at least two units will be rental units.
The upsurge in apartment and rental unit construction continues a trend in urban residential construction that tends to concentrate more people into available spaces. The current trend outpaces the last notable housing boom in 2006. The notable difference today is that more units are being built as rentals.
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