The count of multifamily, for-rent housing starts increased year-over-year during the fourth quarter of 2025, as per NAHB’s analysis of quarterly Census data.
Construction of 96,000 multifamily residences commenced during the quarter.
Ninety-one thousand of these structures were constructed for rental purposes. This total of built-for-rent units was 18% higher than that of the fourth quarter of 2024.
This represents a substantial increase, and it is feasible that these figures will be revised downward in future Census data in light of other multifamily data reporting.
For the fourth quarter, the market share of rental units in multifamily construction starts was 95%.
During the condo building surge in the third quarter of 2005, a historical low market share of 47% for built-for-rent multifamily construction was established.
From 1980 to 2002, an average proportion of 80% was recorded.
The number of multifamily condo unit construction starts in the fourth quarter was 6,000, which is consistent with the previous year.
The average apartment size is currently below the levels observed prior to the Great Recession, as a result of the increased rental share of multifamily construction.
The average square footage of multifamily construction starts increased to 1,068 square feet, as indicated by the fourth quarter 2025 data.
The median increased to 1,048 square feet. These measures are in accordance with the increased proportion of multifamily built-for-rent construction.
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