Recent apartment construction was backfilling well below average single-family completions.
Source: Freddie Mac 2018 Mid-year Outlook.
Overall housing construction has been under-supplied relative to household growth during the economic recovery.
* Forecast ** 2Q 2018
Source: Marcus and Millichap
Multifamily permits are declining indicating completions likely peaked.
Source: U.S. Census Bureau
Rapidly rising construction costs could limit future supply.
Source: National Association of Home Builders