New York has led the nation for multifamily permitting in November, with about 34,000 units permitted for the 12 previous months, an increase of nearly 53%, according to an analysis by RealPage.
The city was one of only two top 10 markets that increased annual permitting from the year before. Fort Worth ranked ninth on the list with 8,492 units permitted for the year ending in November, an increase of 73%.
Austin ranked second on the list with 15,950 units, a 23.6% decrease, and Phoenix ranked third with units permitted dropping nearly 33% to 13,967. Atlanta edged out Dallas to claim the fourth spot by only 85 units, with both markets permitting nearly 12,600 units for the year.
Houston remained in the No. 6 spot with 11,520 units permitted, down 35.4% for the year. However, it increased the units permitted by 900 month-to-month. Washington, D.C., and Los Angeles also kept their previous spots with more than 9,000 units permitted each. And coming in at 10th was Miami, with 8,309 units permitted, an annual decrease of 27%. Forth Worth and Miami knocked Tampa and Raleigh/Durham off the list for November.
Other markets with significant year-over-year increases in annual multifamily permitting in the year ending November were Omaha (2,027 units), Asheville (North Carolina, with 2,011 units), Boston (1,904 units), Milwaukee (1,798 units) and Kansas City (1,702 units). Markets with significant declines in multifamily permitting outside of the top 10 markets include San Antonio (4,980 units), Jacksonville (4,935 units), Riverside (4,823 units), Minneapolis/St. Paul (4,768 units) and Nashville (4,703 units).
Below the metro level, the borough of Brooklyn was the top market for multifamily permits with 8,690 units, followed by Austin and Los Angeles. The Bronx ranked fourth and Atlanta came in fifth.
Overall, the annualized rate for multifamily permits issued jumped 22.1% in November from October to 481,000 units, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. Permits issued increased 4.8% year-over-year.