Dive Brief:
- The National Association of Home Builders released its Multifamily Production Index Thursday indicating that builders and developers are confident. The first quarter reading of 54 is the 13th consecutive quarter with a reading of 50 or higher.
- Respondents rated an MPI for low-rent units at 54, market-rate rental units at 59, and for-sale units at 50.
- The Multifamily Vacancy Index (MVI), which assess housing industry's perception of vacancies, made a three-point drop to 36. Lower numbers indicate fewer vacancies. This is the lowest reading since 2012.
Dive Insight:
As the job market improves, as new households are formed demand for housing will remain steady, along with multifamily developers' confidence.