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2024 Multifamily Construction: Units Completed Reaches 38-year High

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Multifamily units completed in 2024 recorded their highest level since 1986 at 608,000 units, according to NAHB analysis of the Census Bureau’s Survey of Construction. For the eighth consecutive year, most multifamily units were in buildings with 50 or more units (these will be labeled as high-density buildings).

As shown below, this trend is relatively new. Dating back to the earliest estimates in the series (1972), most multifamily units were historically located in buildings with less than 50 units (low-medium density buildings). Of the total 608,000 multifamily units completed in 2024, 330,000 (54%) were in high-density buildings while the remaining 278,000 (46%) were in low-medium density buildings.

Regional Distribution

The South continued to be the leading region in terms of units completed, rising from 212,000 in 2023 to 292,000 completions in 2024. The South accounted for 48% of the total number of completions; the West held 27% (163,000), the Midwest 14% (87,000), and the Northeast 11% (68,000). Singularly, the South was the only region where the number of units completed in low-medium density buildings outpaced the number in high-density buildings. The South had 147,000 completions in low-medium density compared to 145,000 units in high-density.

Conversely, in the Midwest and Northeast the number of units in high-density buildings nearly doubled those of low-medium density buildings. For the Midwest, there were 58,000 units in high-density buildings and 29,000 low-medium density units. The Northeast had 45,000 units in high-density buildings and 23,000 low-medium density units. The West featured an almost 50/50 split with 82,000 high-density units and 81,000 low-medium density.

Built-for-Rent

Among multifamily units completed in 2024, 95% were built-for-rent at a level of 580,000. Over half of these units (55%) were in a building with 50 units or more. This is a seismic shift towards high-density buildings, as this share was only 25% in 2004. Over the past twenty years, there has consistently been a falling share of units in buildings with 10-19 units, as the share in 2004 was 24%, while in 2024 this share only accounts for 4% of completed units.

Built-for-Sale

The number of multifamily units built-for-sale rose from 20,000 in 2023 to 29,000 in 2024. High-density buildings continued to be the primary type of building where these units were built, with 40% of built-for-sale units being completed in buildings with 50+ units. This share was up from 28% in 2023. The largest loss in market share for multifamily built-for-sale units was for buildings with 10-19 units, dropping from 23% in 2023 to just 13% in 2024.

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This article was originally published by a eyeonhousing.org . Read the Original article here. .

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In Research & Trends

Aging-in-Place Remodeling Work Fell While Familiarity and Receptiveness Remain High

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Only 56% of professional remodelers undertake projects designed to allow homeowners to Age-in-Place (AIP), according to results from NAHB’s Q1 2025 Remodeling Market Index (RMI) survey.  This is the lowest percentage recorded since NAHB began periodically asking AIP questions on its RMI survey in 2004.  Economic uncertainty and high interest rates over the past year are the most likely explanations for this slight pullback in projects.  Additionally, stock market volatility has dampened any potential wealth effects, especially since over 75% of all corporate equities and mutual fund holdings are held by those 55 or older.

The National Institute of Aging defines AIP as “staying in your own home as you get older.”  This concept is becoming more relevant as the overall median age of the population continues to increase.  Given the age of the existing housing stock, the need to update homes for AIP is a major demand-driver for the remodeling sector.

Age Groups

When asked about the age groups of homeowners who request AIP work, 73% of remodelers indicated that homeowners are 65 years or older, followed by 55 to 64 years at 61%.  These two age groups have consistently been above 60% since the Q4 2010 survey.

Familiarity with Aging-in-Place

Ninety-six percent of remodelers indicated that most or some of their consumers are familiar with the AIP concept.  That share has been at least 90% since the Q4 2018 survey.

Type of Aging-in-Place Projects

Grab bars remain the most common AIP project, with 87% of remodelers reporting this job in the last year, followed by curb-less shower (78%), installing higher toilets (71%), and widening doorways (52%).  While their relative ranking has changed, these four have consistently been the AIP project types most often cited by remodelers.

Frequency of Aging-in-Place Requests

Seventy-three percent of remodelers indicated that requests for AIP features have significantly or somewhat increased over the past 5 years.  This figure has not changed much since the inception of the series in 2004, ranging from 72% to 77%.

Reasons for Aging-in-Place Work

As for the reason why customers are undertaking AIP projects, 91% of remodelers stated that customers are planning ahead for future needs, followed by living with older parents (48%) and acute age-related disabilities (43%). 

Who is Requesting Aging-in-Place Work?

Sixty-five percent of remodelers indicated that a majority of their AIP work was determined by the client, whereas the other 35% said it was mostly suggested by the contractor.  The ‘determined by client’ option has consistently been above 50 percent.

Receptive to Aging-in-Place Modifications

When asked how receptive potential clients are to incorporating suggested AIP modifications, 48% indicated that their customers were very receptive and 51% were somewhat receptive, with only 2% stated that customers were not at all receptive to these modifications.  The combined share of potential clients being receptive (‘very receptive’ + ‘somewhat receptive’) has consistently been above 95%.

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This article was originally published by a eyeonhousing.org . Read the Original article here. .

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In Research & Trends

Single-Family Housing Starts Hit 12-Month High in February

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Limited existing inventory helped single-family starts to post a solid gain in February, but builders are still grappling with elevated construction costs stemming from tariff issues and persistent shortages related to buildable lots and labor.

Overall housing starts increased 11.2% in February to a seasonally adjusted annual rate of 1.50 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The February reading of 1.50 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months.

Within this overall number, single-family starts increased 11.4% to a 1.11 million seasonally adjusted annual rate, the highest pace since February 2024. The multifamily sector, which includes apartment buildings and condos, increased 10.7% to an annualized 393,000 pace.

While solid demand and a lack of existing inventory provided a boost to single-family production in February, our latest builder survey shows that builders remain concerned about challenging housing affordability conditions, most notably elevated financing and construction costs as well as tariffs on key building materials.

On a regional and year-to-date basis, combined single-family and multifamily starts were 4.7% lower in the Northeast, 21.5% lower in the Midwest, 8.3% lower in the South and 20.2% higher in the West.

Overall permits decreased 1.2% to a 1.46-million-unit annualized rate in February and were down 6.8% compared to February 2024. Single-family permits decreased 0.2% to a 992,000-unit rate and were down 3.4% compared to the previous year. Multifamily permits decreased 3.1% to a 464,000 pace.

Looking at regional permit data on a year-to-date basis, permits were 30.1% lower in the Northeast, 2.3% higher in the Midwest, 2.1% lower in the South and 12.5% lower in the West.

The number of single-family homes under construction in February was down 6.7% from a year ago, at 640,000 homes. In February, the count of apartments under construction increased 0.3% to an annualized 772,000 pace. It marks the first gain after 18 months of consecutive declines but was still down 20% from a year ago.

There were 526,000 multifamily completions in February, down 15% from the previous year. For each apartment starting construction, there are 1.5 apartments completing the construction process.

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This article was originally published by a eyeonhousing.org . Read the Original article here. .

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In Home Improvement

Tour a Warm Industrial Condo High Up in a Former Grain Silo

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When retired lawyers Jim and Sheila Vidmar’s dream condo came on the market in Baltimore, the empty-nest couple knew they had to jump on it. The two-bedroom, two-bathroom corner unit on the 11th floor of a 24-floor former grain elevator built in 1923 offers sweeping views of the Patapsco River and Chesapeake Bay.

To help maximize the views and cozy up the industrial concrete-and-corrugated steel interiors, the Vidmars hired designer Brigid Wethington, who had worked with them on their previous home. Wethington, who used Houzz Pro software to manage the project, took inspiration from sunsets to bring in a palette of blues, whites and oranges. Durable fabric furnishings and multiple area rugs also soften the rooms, while walnut flooring in a herringbone pattern and other wood details add warmth. A layered lighting scheme enhances design elements without taking away from the stunning views.

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This article was originally published by a www.houzz.com . Read the Original article here. .

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In News

‘Heli realtor’ sets a high bar in real estate market with unique sales stunts

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Michigan real estate agent flies helicopter to sell houses

Dylan Tent calls himself the heli-realtor – a helicopter pilot who also sells houses. Tent uses his passion to literally and figuratively elevate his sales game.

NORTHVILLE, Mich. (FOX 2) – In Michigan alone there are an estimated 66,000 licensed real estate agents, making it an extremely competitive industry.

But there are ways to set yourself apart from the crowd – one agent from Metro Detroit who has really taken his profession to new heights.

Dylan Tent calls himself the heli-realtor – a helicopter pilot who also sells houses. Tent uses his passion to literally and figuratively elevate his sales game.

While his situation is unique, his story provides lessons for anyone looking to set themselves apart.

His videos are outrageous combining daring stunts with unique stories – all to get eyeballs on the properties he represents.

“I did jump a motorcycle pretty far over someone’s house and that’s when people saw, (and said) ‘Wow this video got 30,000 views. I want to hire that guy.'”

And so far, so good.

“An average real estate video might get 500 to 1,000 views, and we have stuff that goes into the hundreds of thousands and millions,” Tent said.

But his path to get there, wasn’t exactly a straight line.

“I quit college after watching a snowboarding movie called ‘The Art of Flight.’ I wanted to be a heli-ski pilot.”

That career choice was short-lived after he says it was more dangerous and less profitable than he thought.

“I started taking pictures of people’s houses from the air and selling them door to door,” he said. “One of the customers said if I got my real estate licenseI could sell his house.

“It was a beautiful lake house. I started adding up in my head, it was a little more profitable to sell real estate and then I could actually purchase and own a helicopter myself.”

Dylan turned 2,000 pictures from above into three real estate sales – and was off from there.

Having a helicopter offers certain advantages including travel for one, which broadens your sales area.

“Lapeer, Metamora, Detroit, Howell,” he said. “I have gone to all of those locations in two hours rather than six or seven hours of driving.”

And it potentially separates you from the competition.

“It really is a resource for video content,” he said. “If I post a video of a house we might get so many thousands of views. If I take off, or land in their front yard or back yard, or lake lot, we’ll get it to go viral almost every time.”

He wouldn’t do it if it didn’t work. but that’s not to say this sales tactic is for everyone.

FOX 2: “You have taken a lot of risks that have seemingly paid off?”

“For example, I had a property that had a gun range and we did some exploding targets that were blowing up stuffed animals on the gun range,” he said. “We were in an area where everyone has guns in that area. Other real estate agents were like, ‘I don’t think we should do that, that is unprofessional.’ I said I’m going to sell that property to a gun owner, I’m probably not going to sell it to someone who doesn’t have that.

“I don’t care if that makes someone angry.”

Tent says the real reason behind his success incorporates passion into his craft, something anyone can do.

“If I was a scratch golfer, I would probably focus on selling houses on golf courses,” he said. “If I was a yoga instructor, I would offer free yoga classes in the park. I have built more relationships through my hobbies than I have, anything else.”

In addition to selling houses, Dylan also offers helicopter tours of the Detroit areas. You can find him and contact him with social media by searching for Dylan Tent, Heli Realitor.

You can find Dylan Tent on social media below:



This article was originally published by a www.fox2detroit.com . Read the Original article here. .

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