Magazine article Mortgage Banking

Apartment Permitting 'Shot Up' in April

Magazine article Mortgage Banking

Apartment Permitting 'Shot Up' in April

Article excerpt

The annual pace of housing-permit issuance jumped significantly in April, sparked by a huge month for multifamily permitting, according to the U.S.

Census Bureau.

Census statistics showed that building permits authorized the development of 1.08 million privately owned housing units in April on a seasonally

adjusted basis. This represents an 8 percent increase from March's 1 million-permit figure and a 3.8 percent increase from last April.

"With winter weather concerns now past, some catch-up is occurring," said Ron Johnsey, president and chief executive officer of apartment research firm Axiometrics Inc., Dallas.

Though Census Bureau data shows that single-family permitting leveled off compared with the previous four months, annualized multifamily permitting "shot up" to the highest level since 2008, Johnsey said. April saw more than 450,000 new permits issued--up nearly 22 percent from March. Multifamily permitting averaged 384,000 units during the first four months of the year.

Within the top 10 metros, multifamily permitting increased significantly in Miami (up 115 percent), Atlanta (up 84 percent), New York (up 77 percent) and Los Angeles (up 46 percent). …

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