According to CalculatedRisk, 2010 set a record low for single family, multi-family and manufactured home completion. Only 703,000 units were completed last year, a 17% drop from 2009’s completion statistic.
The previous record low was in 1982 at 1.244 million completed homes.
The number of completed units in 2011 is expected to drop even lower than last years record, however the number of projects started is expected to increase.
Multi-family housing projects typically take longer than a year to complete, which explains the disparity between those predictions.
What does this mean for landlords and apartment managers?
With vacancy rates also at record lows and no immediate supply of new units to satisfy the demands of the market, landlords and managers will have an opportunity to set stronger rental rates.