Permits approved to build multifamily housing in the first quarter fell 22% below 2023’s start.
The hopes of California tenants that a wave of apartment construction might provide more rent relief may be fizzling in early 2024.
California developers cooled their building plans as interest rates soared, the economy slowed and folks no longer felt the pandemic-fueled need for larger living spaces. The first quarter’s permitting ran 32% below the 2021-23 pace. In those three years, 159,476 multifamily units were in the works. That was the largest construction effort since 2004-2006. Yes, 17 years.A new supply of rentals helped to ease the pain of sharp rent hikes in the pandemic era.
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