Builders Tap Brakes on Construction of U.S. Apartments
The boom in America’s rental-housing market may be drawing to a close. New construction of apartments and other multifamily projects slumped in July to the second-lowest level in nearly four years, government data showed Wednesday. The decline, which drove down overall U.S. housing starts for the fourth time in the last five months, indicates the supply of rental properties is in better balance after years of red-hot demand. The downturn also coincides with the Federal Reserve’s latest senior loan officers survey, which showed a tightening of lending standards and weaker loan demand for the building of multifamily properties.