The increasing popularity of condominiums is expected to continue in the coming year, driving construction starts of for-sale multifamily units to highs not seen for more than 10 years, according to the National Association of Home Builders (NAHB). Condos represented slightly more than a quarter of all multifamily development started in 2003, said David Seiders, NAHB's chief economist. These levels approached that of the 1987 and 1993 booms in condo construction, and that rate is likely to continue to rise in 2004.
Houston, Atlanta, Dallas, Los Angeles and Washington, D.C. were identified as the cities expected to have the largest number of rental apartments started in the coming year, with Jacksonville, Fla., Los Angeles and Miami as the most favorable cities for rental development in the year ahead.
Posted by gandlwoods at February 17, 2004 08:45 AM