## FAQ

### 1. What is the significance of the high level of multifamily completions in 2023?

The high level of multifamily completions in 2023, reaching 450,000 units, is the highest since 1987. This indicates a strong trend in multifamily construction, with a majority of units being built in buildings with 50 or more units.

### 2. How does the distribution of built-for-rent and built-for-sale units compare in 2023?

In 2023, 96% of multifamily units were built-for-rent, while only 4% were built-for-sale. This marks a significant increase in built-for-rent units from the previous year, indicating a shift in the market towards rental properties.

### 3. Which regions saw the highest multifamily completions in 2023?

The South region had the highest number of multifamily completions in 2023, with a significant number of units completed in buildings with less than 50 units. This suggests a potential shift in consumer preferences towards lower-to-medium density living options.

## Conclusion

The multifamily construction sector saw a significant increase in completions in 2023, reaching levels not seen since the late 1980s. The majority of units were built in high-density buildings, with a growing trend towards built-for-rent properties. This data indicates a strong demand for multifamily housing, particularly in the rental market. Additionally, regional differences in construction trends suggest varying consumer preferences across different parts of the country. Overall, the multifamily construction market appears healthy and poised for continued growth in the coming years.