Rental-Nation Escalates - Housing Starts & Permits 'Flat' After Surge In Multi-Family Completions

Despite the apparent lack of supply, and the peak seasonality, Housing Starts were basically flat at 1164k (vs a revised 1167k in April) and Permits rose very modestly to 1138k (from 1130k in April). But while the headlines may be somewhat dull, under the covers the narrative of "rental-nation" continues with Starts and Permits for multi-family units rising notably as single-family stagnated.

 

Once again Rentals - aka Multi-family units - saw permits increase by a large 6.7% (from an upwardly revised April) as single-family homes declined 2%...

 

And a similar picture evolved in Starts with Rental units continuing to rise as single-family was flat...

 

And this multi-family trend comes after a 13.4% surge in completions in May already.