MULTIFAMILY MIASMA
07/21/2026 |
June housing starts blew the proverbial roof off. Headline starts surged 19% M-o-M to 1.427 million annualized units. Regrettably, single-family starts slid 0.2%, continuing their slow, steady 2.5-year deterioration, while the lumpy, noisy, and volatile multifamily sector saw starts soar 76.2% M-o-M to a three year high of 532k annualized units. This will add to the rental supply overhang, which will reinforce the downtrend in the shelter components in CPI.