Completions of Apartment Projects Rising

Washington, DC, Feb. 5, 2015 -- Completions of apartment projects are rising, according to the National Association of Home Builders.

NAHB said its analysis of Census Bureau data shows that completions of privately financed, unsubsidized, unfurnished rental apartments in buildings with at least five units totaled 171,500 residences for the four quarters ending with the second quarter of 2014, a 47% increase from the previous year.

Non-seasonally adjusted three-month absorption rates for second quarter completions increased slightly to 67%, effectively the same rate as a year earlier.

Absorption rates rose coming out of the recession but have established a more stable range since 2011, a period during which completions have increased substantially, NAHB said.