Multifamily Housing Starts Surge 21% in Q2 2025

Multifamily housing starts reached 109K units in Q2 2025, with 102,000 built-for-rent, ↑ 21% yearly.
Rental units made up 94% of multifamily starts, far above the long-term avg of 80% and the historical low of 47% during the 2005 condo boom.
Condo construction starts ↑ to 7K units in Q2 2025, showing modest growth compared to last year.
The dominance of rental-focused projects has generally kept apartment sizes smaller than pre-recession levels, but sizes are now trending upward.
In Q2 2025, the avg multifamily unit size rose to 1,077 sq ft, with the median at 1,030 sq ft.