by Risk calculated on 05/19/2023 12:03:00
Today, in the Calculated Risk Real Estate Newsletter: Similar number of housing units started in Q1 as ‘built-to-rent’ than ‘built-to-sell’
A brief excerpt:
Alongside the monthly housing starts report for January last week, the Census Bureau released Housing units started by purpose and design through Q1 2023.
This chart shows the NSA’s quarterly intent for four start-up categories since 1975: Single-Family Built-For-Sale, Owner-Built (including Contractor-Built-For-Owner), Starts Built-For-Lease, and Multi-Family Built for sale.
Single-family “built-for-sale” housing starts (red) were down 33% in Q1 2023 compared to Q1 2022. And owner-built housing starts (orange) were down 22% year over year on the other, “built-for-sale” multi-family dwellings have declined and are still weak.
“Built-to-rent” units (in blue) increased by 8% in Q1 2023 compared to Q1 2022. The number of “built-to-rent” units in Q1 was almost the same as the number “ built for sale. The latest quarter, the fourth quarter of 2022, was the first time since this series began in 1974 that there were more units built for rental than single-family units built for sale.
There is a lot more in the article. You can register on https://calculatedrisk.substack.com/