The Multifamily Market Survey (MMS) is based on a quarterly survey of NAHB multifamily building owners and property managers. The survey is designed to monitor conditions for multifamily housing production (start of construction) and multifamily housing leasing.

For the second quarter of 2024, the Multifamily Production Index (MPI) was 44, while the Multifamily Occupancy Index (MOI) was 81.

Current data

New methodology from Q1 2023

The MMS produces two separate indices: the Multifamily Production Index (MPI) and the Multifamily Occupancy Index (MOI).

The MPI measures the sentiment of builders and developers regarding current production conditions in the apartment and condominium market on a scale of 0 to 100. The index and all its components are scaled so that a number above 50 means that more respondents report good conditions than bad.

The new MPI is a weighted average of four key market segments: three in the rental housing market (garden/low-rise, mid/high-rise and subsidized) and the for-sale (or condo) market. The survey asks multifamily developers to rate current multifamily construction conditions in the markets in which they operate as “good,” “fair,” or “poor.”

The MOI measures the multifamily housing industry’s perception of the occupancy rate of existing apartments on a scale of 0 to 100. The index and all of its components are scaled so that a number above 50 means that more respondents report good occupancy than poor occupancy.

The new MOI is a weighted average of three rental housing market segments (garden/low-rise, mid/high-rise and subsidized). The survey asks multifamily developers to rate current occupancy conditions for existing rental housing in markets in which they operate as “good,” “fair,” or “poor.”