Multifamily construction starts saw a decline in 2023 but still exceeded expectations given financial market turbulence. Yardi Matrix’s report reveals that while 2023 ranked third in recent years for the number of units breaking ground, it follows 2022 and 2021. Although full-year data for 2023 is still pending, the report indicates a 25.3 percent decrease in construction starts compared to 2022. Despite this, new construction in Phoenix continues to trend upwards. However, construction trends vary regionally, with declines observed in markets like Indianapolis, Salt Lake City, Austin, and Seattle. Conversely, cities such as Phoenix, North Dallas, Raleigh-Durham, and Tampa-St. Petersburg-Clearwater have seen increased construction activity.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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