Multifamily Starts Hit 55,000 in Q1 2026 — Lowest Quarterly Level Since 2011

A lease is a legally binding contract between a landlord and a tenant that grants the tenant exclusive use of a property for a specified period in exchange for rent — establishing every right, obligation, and financial term that governs the rental relationship.

A government-backed loan is a mortgage where a federal agency — FHA, VA, or USDA — insures or guarantees repayment to the lender if the borrower defaults. The government doesn't lend the money; it absorbs the lender's loss risk. That reduced risk is why lenders accept lower down payments and looser credit thresholds than they'd ever offer on a conventional loan.

APR (Annual Percentage Rate) is the total annualized cost of a loan expressed as a percentage, incorporating both the interest rate and lender fees — origination charges, discount points, broker fees — spread across the full loan term. Mandated by the Truth in Lending Act, it gives borrowers a standardized number that's always higher than or equal to the stated interest rate.

Apartments.com is the largest rental listing marketplace in the United States, owned by CoStar Group, where landlords post available units and prospective tenants search for rentals — offering free basic listings alongside paid advertising packages that boost visibility and accelerate vacancy fill rates.

A building permit is a government authorization to construct a new residential or commercial structure, and the monthly count of permits issued across the U.S. functions as a leading economic indicator that signals where housing supply is heading months before any new unit is completed.

Realtor.com is a residential real estate listing platform operated by Move, Inc. (a News Corp subsidiary) that aggregates MLS data directly from hundreds of regional boards, giving investors free access to active listings, price history, days on market, rental estimates, and neighborhood-level market heat maps.

CoStar is a subscription-based commercial real estate data and analytics platform that aggregates property records, comparable sales, lease comps, tenant information, vacancy rates, and market analytics for commercial assets — including multifamily, office, retail, industrial, and mixed-use properties — across the United States and select international markets.

A survey is a professional measurement and mapping of a property's legal boundaries, easements, encroachments, and physical improvements, prepared by a licensed land surveyor.

Census data is demographic, economic, and housing statistics collected by the U.S. Census Bureau—population, income, housing units, commute times—available by census tract, ZIP, county, and metro.

A building permit is official approval from the local jurisdiction to construct, alter, or demolish a structure. It ensures work meets zoning, building, and safety codes.

Rent Growth is a economic fundamentals concept that describes a specific aspect of how real estate transactions, analysis, or operations work in the context of market cycles deals.

A down payment is the initial cash you pay toward the purchase price of a home—the rest is financed with a mortgage. The size of your down payment affects your ltv, your monthly payment, and whether you pay pmi.

A Realtor is a real estate agent who's a member of the National Association of Realtors (NAR). They adhere to the NAR Code of Ethics. Not all agents are Realtors — it's a membership designation, not a license.

A mortgage is a loan used to purchase real estate, with the property serving as collateral—if you stop paying, the lender can foreclose and sell the property to recover their money.