Multifamily building permits have dropped 30% since 2021: Redfin

Rising interest rates and market saturation have caused multifamily builders to slow the rate of new projects, according to a Redfin report published on Tuesday. Between 2021 and 2023, builders filed an average of 18 permits to build multifamily housing units for every 10,000 people in the U.S. However, that number has dropped to an average of 13 permits as of May 2024. Rising interest rates and market saturation have caused multifamily builders to slow the rate of new projects, according to a Redfin report published on Tuesday. Between 2021 and 2023, builders filed an average of 18 permits to build multifamily housing units for every 10,000 people in the U.S. However, that number has dropped to an average of 13 permits as of May 2024.