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Multifamily construction pipeline slows
Multifamily Construction Sees Slower Growth: New data reveals a 32% year-over-year decline in permits for apartments with over five units. While overall housing starts rose, the interest rate hike and tightening lending conditions are impacting the pace of multifamily projects. Industry experts predict a slowdown in the coming months due to sluggish rent growth and increased borrowing costs for developers. Construction costs remain steady, as contractors continue to work on existing projects.
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