US Multifamily Housing Market Confidence Weakens in Q3 2026
USA: Confidence in the US multifamily housing market declined in the third quarter of 2026, according to the latest Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB). The Multifamily Production Index (MPI), which measures sentiment towards new apartment and condominium construction, fell five points year-on-year to 41. All four market segments recorded declines, with garden/low-rise units falling to 46, mid/high-rise units to 33, subsidised units to 49 and built-for-sale condominiums to 31. Readings below 50 indicate that more respondents consider market conditions poor than good.
Meanwhile, the Multifamily Occupancy Index (MOI), which measures occupancy conditions in existing rental apartments, also declined five points to 69. Although all three segments remained above the neutral threshold of 50, garden/low-rise occupancy fell to 70, mid/high-rise to 59, while subsidised housing increased to 83.
Source: HBS Dealer
