US Multifamily Housing Completions Surge in Good Sign for Rents
- Finished multifamily units in August were highest since 1974
- South led gains, though West and Midwest have also been strong
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Builder completions of US multifamily housing units soared to a five-decade high in August, a development that will probably help ease pressure on rents.
An annualized 759,000 residential buildings with two or more units were completed last month, the most since July 1974, according to US Census Bureau data published Wednesday. The nearly 39% jump from a month earlier was more than accounted for by a near doubling of monthly completions in the South, to 502,000 units.