According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts increased year-over-year during the fourth quarter of 2025. For the quarter, 96,000 multifamily residences started construction. Of this total, 91,000 were built-for-rent. This built-for-rent total was 18% higher than in the fourth quarter of 2024. This marks a significant increase, and it is possible these numbers will be revised lower in future Census data given other multifamily data reporting.

The market share of rental units of multifamily construction starts was 95% for the fourth quarter. A historical low market share of 47% for built-for-rent multifamily construction was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered during the 1980-2002 period.

For the fourth quarter, there were 6,000 multifamily condo unit construction starts, flat from a year ago.

An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. According to the fourth quarter 2025 data, the average square footage of multifamily construction starts increased to 1,068 square feet. The median increased to 1,048 square feet. These measures are consistent with the elevated share of multifamily built-for-rent construction.