Multifamily sector declined in 2007 from previous year

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Description: The multifamily housing sector did not fare well in 2007 compared with the previous year, according to a report by the Department of Housing and Urban Development (HUD). The 2007 annual total for multifamily permits was 349,500, down 9% from 2006. The vacancy rate for rental units increased slightly in 2007 to 9.8%, up 0.1 percentage point from 2006. Meanwhile, the multifamily sector performed better than the single-family sector did in the fourth quarter of 2007 as building permits and completions increased, but starts decreased, said HUD.
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