News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
Average Multifamily Unit Size Rose in 2013
NAHB Eye on Housing Blog / March 5, 2014
After rising during the boom years and falling during the Great Recession, the average size of newly built, multifamily units remains close to levels seen a decade ago. As multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily units is likely to rise.
According to fourth quarter data from the Census Bureau, the average square footage of multifamily housing construction starts was 1,225. The median was 1,131.
Because the quarterly data are volatile, it is worth examining the numbers on a one-year moving average basis. For the third quarter, the one-year moving average for the multifamily size average was 1,181 square feet, while the median was 1,104. These measures are both approximately 5% higher than cycle lows.
However, these current metrics are very close to the typical data from the 2001-2003 period, when the average was 1,180 and the median was 1,093.