Multifamily construction in early 2021 decreased in large metros whereas permits in micro counties and suburbs increased. Compared to the first quarter of 2020, however, growth rates for all submarkets - except for the micro counties - decreased. Permits for new construction in outer suburbs of large metros, for instance, grew by nearly nine percent in 2021 - as opposed to over 13.5 percent in early 2020. The source states that telecommuting or home office introduced during the COVID-19 lockdown is the main factor for this development. It mentions that home buyers are looking to move away from city centers and search for more land or homes with a balcony or a garden.
Growth rate of permits for new multifamily housing based on location, such as in suburbs or core areas, in the United States from 1st quarter of 2017 to 1st quarter 2021
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National Association of Home Builders. (May 1, 2021). Growth rate of permits for new multifamily housing based on location, such as in suburbs or core areas, in the United States from 1st quarter of 2017 to 1st quarter 2021 [Graph]. In Statista. Retrieved November 23, 2024, from https://www.statista.com/statistics/1241321/geography-of-multifamily-construction-usa/
National Association of Home Builders. "Growth rate of permits for new multifamily housing based on location, such as in suburbs or core areas, in the United States from 1st quarter of 2017 to 1st quarter 2021." Chart. May 1, 2021. Statista. Accessed November 23, 2024. https://www.statista.com/statistics/1241321/geography-of-multifamily-construction-usa/
National Association of Home Builders. (2021). Growth rate of permits for new multifamily housing based on location, such as in suburbs or core areas, in the United States from 1st quarter of 2017 to 1st quarter 2021. Statista. Statista Inc.. Accessed: November 23, 2024. https://www.statista.com/statistics/1241321/geography-of-multifamily-construction-usa/
National Association of Home Builders. "Growth Rate of Permits for New Multifamily Housing Based on Location, Such as in Suburbs or Core Areas, in The United States from 1st Quarter of 2017 to 1st Quarter 2021." Statista, Statista Inc., 1 May 2021, https://www.statista.com/statistics/1241321/geography-of-multifamily-construction-usa/
National Association of Home Builders, Growth rate of permits for new multifamily housing based on location, such as in suburbs or core areas, in the United States from 1st quarter of 2017 to 1st quarter 2021 Statista, https://www.statista.com/statistics/1241321/geography-of-multifamily-construction-usa/ (last visited November 23, 2024)
Growth rate of permits for new multifamily housing based on location, such as in suburbs or core areas, in the United States from 1st quarter of 2017 to 1st quarter 2021 [Graph], National Association of Home Builders, May 1, 2021. [Online]. Available: https://www.statista.com/statistics/1241321/geography-of-multifamily-construction-usa/
