Multifamily market permits continue to decline via HousingWire

Prior to stay-at-home orders and businesses closing, the multifamily market was already seeing a decline in both permits and starts, a new report from RealPage said.

Permits fell to 415,000 units on a seasonally adjusted annual basis in February, marking the second-lowest annual rate in 17 months, down 20.2% from January and 5% from February 2019.

Now, due to the effects of the coronavirus, permits are more likely to decrease, although many local governments have deemed construction and real estate an essential industry.

Read more...Multifamily market permits continue to decline via HousingWire