Multifamily Construction Shows Early Signs of Stabilization

A new survey from the National Multifamily Housing Council shows early signs of stabilization in multifamily construction after three years of declining activity. Project starts are leveling off, construction delays are easing, and both labor and material costs are largely tracking inflation. While near-term conditions remain steady, developers are increasingly optimistic about the next 6–12 months, particularly around improved equity availability—though expectations for debt financing remain more measured.