In 2020, single-family housing starts totaled 1,004,000 and multifamily starts were 392,800, for a total of 1,396,800. During 2021, rents and home prices skyrocketed. One would thus expect huge increases in both sectors. Multifamily activity increased to 471,500, a Y-o-Y rise of 20%, and their best level since 1987. Conversely, single-family activity was 1,127,000, a Y-o-Y rise of only 12%, and just 9% above their 60-year average level of activity. (Source: Dr. Elliot Eisenberg, the Bowtie Economist).

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