According to a recent report released by the National Association of Home Builders, housing starts jumped significantly in October, propelled by growth in the multi-family sector.
The NAHB/Wells Fargo report showed that housing starts had increased by 3.6 percent in October, strung along by the multi-family industry's whopping 11.9 percent increase.
During the course of October, 300,000 multi-family units were scheduled for construction, outpacing every other market in growth. The report states that multi-family starts now grow by approximately 37 percent every year. Permits have been climbing as well, increasing by 54.5 percent year-over-year.
Single family starts fell slightly, by just 0.2 percent, to 594,000 units, but the number of housing starts was overwhelmingly buoyed by multi-family.
Rental property management officials might be facing a decreased volume of rental applications in the coming months, as many more units come on the market.