National Association of Home Builders's Multifamily Rental Market Index (MRMI) noted that builders reported fewer multifamily starts in the second quarter 2008 than during the same period the previous year. The component of the MRMI tracking market-rate rental apartment starts dropped to 38.1 in the second quarter of this year, compared with 52.9 the same time a year ago. The components of the MRMI that track demand for rental apartments also decreased significantly from a year ago, with the biggest drop being seen for class-A apartments, which lost 30 points from a year ago at this time.
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