Decline from Post-Covid Peak

Total Units: 20.7 percent

Single-Family: 25.2 percent

Multi-Family: 27.3 percent

The decline puts the number of single-family units under construction near the middle of a very wide range of 236,000 on the low end and 990,000 on the high end.

However, the number of multi-family units under construction is still enormous historically speaking.

Impact on Rent

For three years, the consensus opinion (not mine) was that rent prices would collapse.

That didn't happen although the rate of increase in the price of rent has slowed dramatically.

However, Trump sealing off the Southern border from immigration, could soon start having a positive impact (lower rents) if builders started too much immigration-based construction.

Under Construction vs Completions

A crash in the number of completions is also underway. Once again the decline is led by multi-family.

As completions drop, so does the necessity to lower rent prices dramatically.

Once again, the impact on rent will be whether or not builders overbuilt.

Basic Demographics

From AI: Approximately 4 million people in the United States turn 25 each year. This is based on the population figures for the 20-24 and 25-29 age groups, which each contain roughly 11 million people. Since these groups are relatively stable, and people age into them at a rate of about one year per year, around 1/2.5 of the total population in these age ranges turns 25 annually.