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Multifamily construction hits record in May as hope for housing market grows

By Zach Halaschak

Published June 20, 2023 3:12pm ET

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Multifamily construction hits record in May as hope for housing market grows — A construction worker works on the site of Gables Station, a mixed use project featuring apartments, retail, a hotel and cafes, in Coral Gables, Fla. | (Lynne Sladky/AP)

The number of multifamily units under construction hit a record in May of 994,000, a surge in supply that should help lower rent pressures.

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Construction Federal Reserve Housing Interest Rates Real Estate