Results from the March 2026 NMHC Quarterly Survey of Apartment Construction & Development Activity suggest moderate signs of improvement in the multifamily construction market. Specifically, survey respondents reported:
- An increase in projects started: nearly a third (31%) of respondents said they are starting more projects than they were three months ago compared to 12% who said they were starting fewer projects, and 48% who reported starts to be unchanged;
- Fewer construction delays: Thirty-one percent of respondents reported fewer construction delays compared to three months ago, while just 2% reported more delays and a majority (60%) thought delays were relatively unchanged; and
- Lower costs for construction materials and labor: Just 5% of respondents thought that the cost of construction labor increased in real terms, and 10% thought the cost of construction materials increased since December.
"This month’s survey results suggest that we may finally be seeing multifamily construction activity stabilize or even pick up modestly after three years of decreasing starts,” noted NMHC Senior Director of Research and Chief Economist, Chris Bruen. “However, the lower costs for labor and materials being reported are likely a result of construction activity being so depressed; a more substantial increase in multifamily development could start to put pressure on supply chains and a labor market diminished from lower immigration.”
Survey respondents were also overwhelmingly positive in their expectations for the future. While most respondents (81%) believe that multifamily construction conditions will remain the same over the next three months, 68% believe that conditions will improve (it will become easier to build) within 6-12 months.
Some of this optimism may be driven by expectations for improved financing conditions: 69% of respondents expect equity financing to become more available in 6-12 months (compared to 2% who think equity will become less available), and 37% of respondents expected debt financing to become more available over this longer time horizon (compared to 2% who expect debt to become less available).
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.
