Multifamily production levels remained high in the second quarter of 2015, which kept the rental market strong according to the NAHB's Robert Dietz.
For the year-long period ending with the first quarter of 2015, completions of privately financed, unsubsidized rental apartments in buildings with five or more units was 210,2000, a 40% increase from the previous four quarters. Three month absorption rates for first quarter completions did not change from the previous year's rate of 61%.
In contrast, condo and co-op completions remain at historically low levels, with 1,300 for-sale multifamily homes (in 5+ unit properties) completed during the first quarter of 2015. The non-seasonally adjusted 3-month absorption rate for for-sale multifamily for condos completed during the first quarter and sold during the second quarter of 2015 held strong at 74%.