While activity is notable in the Sun Belt, D.C., Los Angeles, and Philadelphia, construction starts slowed to 30,800 units in the second quarter of 2023.
Over the past nine quarters, the start volume averaged 22,800 units but has fallen to 6,500 units in Austin, Dallas Fort-Worth, Houston, and San Antonio during the second quarter of this year.
Homeownership barriers are benefiting Class A rentals, according to a new outlook from Institutional Property Advisors.
Rising prices and falling cap rates are driving investors to far-flung markets for the next hot deal.
Industry experts say health issues need to be resolved before the economy can fully recover.