Housing starts, sowing the seeds for an eventual rise in rents

Housing starts in totality were about as expected but the multi family side continues to show deceleration as the market absorbs a huge increase in supply this year and deal numbers don’t pencil out like they did pre 2022. Single family starts rose by 27k m/o/m, a 5 month high. Multi family starts fell to 327k, a 6 month low.

As for what is planned to come via permits, single family rose a touch, by 3k m/o/m to 970k. Permits for multi family construction fell to 458k from 503k. That is the 2^nd lowest read since the Covid lows and since 2018 before then.