Multifamily starts and completions are expected to continue their upward trend. The number of starts will continue to rise through 2015 and perhaps 2016.
We expect completions to surpass the long-run annual average in 2015 and remain above the average for several years to come. Supply could begin to outpace demand this year. However, depending on how much pent-up demand is released – that is, how many households are formed that would have formed earlier if not for the recession – demand could continue to outpace supply.