Multifamily starts rise in March

Multifamily housing starts rose notably in March.

Property management companies may have taken a greater interest in apartment development in March, as new multifamily starts rose notably from one month earlier.

Multifamily starts for properties with five or more units increased to a seasonally-adjusted annual rate of 392,000, according to a report from the Department of Housing and Urban Development. This was approximately 27 percent higher than the figure recorded in February.

"As families are formed, the reality of income employment and credit availability are among the factors pushing people into rental properties that have been under-built in the past 10 to 15 years," wrote Steve Blitz, chief economist at ITG Investment Research, according to MarketWatch.

This trend may continue to ameliorate in the coming months, as the level of architecture billings rose notably in February. The figure jumped to 54.9 on the Architecture Billings Index from the American Institute of Architects. The previous month's figure was 54.2. Even with the increase, both figures were improved from the threshold of 50, which denotes a positive level of architectural billings.

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