June Survey comes on heels of the release of the NMHC-NYU Housing Affordability Toolkit, a sweeping resource outlining a flexible roadmap for addressing the nation’s rental housing affordability crisis
Washington, D.C.—Results from the June 2026 NMHC Quarterly Survey of Apartment Construction & Development Activity reflect a positive outlook on longer-term multifamily construction conditions despite the expectation that costs will continue to increase.
While respondents were cautious about the near term—a majority (77%) expect overall multifamily construction market conditions to remain unchanged over the next three months, 13% expect conditions to decline, and just 10% expect conditions to improve—nearly half of respondents (46%) expect conditions to improve over the next 6-12 months compared to just 14% who expect conditions to decline.
Respondents were similarly optimistic about financing availability looking further out, with 51% expecting equity to become more available (compared to 10% expecting equity to become less available) and 28% expecting debt financing to become more available (compared to 7% expecting debt financing to become less available) over the next 6-12 months. Construction delays continued to ease, with 20% of respondents reporting fewer delays compared to three months ago.
While construction costs are on the rise, making projects more difficult to pencil, the NMHC-NYU Housing Affordability Toolkit lays out policy strategies designed to lower the cost of building housing—and improve affordability—by reducing regulatory costs and streamlining project approvals.
"Inflation has picked up notably over the past few months," noted NMHC Senior Director of Research and Chief Economist, Chris Bruen. "Consumer prices rose by an annualized rate of 8.2% between February and May, according to the Consumer Price Index, and respondents to this month's construction survey expect this to translate to higher construction costs over the coming year."
Thirty-seven percent of builders and developers said they expect construction costs will increase faster than the rate of inflation over the next 6-12 months, compared to just 14% who expect costs will decrease or increase at a slower rate than inflation. In spite of this, respondents remain optimistic about long-run multifamily construction conditions, with 47% saying they expect overall conditions will improve (become easier to build) over the next 6-12 months compared to just 15% who expect conditions to decline.
Construction Indicators 2Q 2026 (% of Respondents)
- 55% reported starts to be unchanged
- 20% reported a decrease in delays
- 55% saw deals repriced
- 8%/18% reported an increase/decrease in the cost of construction labor
- 22%/22% reported an increase/decrease in material costs
Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is where rental housers and suppliers come together to help meet America’s housing needs by creating inclusive and resilient communities where people build their lives. We bring together the owners, managers, developers and suppliers who provide rental homes for 40 million Americans from every walk of life—including seniors, teachers, firefighters, healthcare workers, families with children and many others. NMHC provides a forum for leadership and advocacy that promotes thriving rental housing communities for all. For more information, contact NMHC at (202) 974-2300, email the Council, or visit NMHC's website at nmhc.org.
