Multifamily Market Survey (MMS)

The Multifamily Market Survey (MMS) is based on a quarterly survey of NAHB multifamily builders and property managers. The survey is designed to monitor conditions for multifamily production (starts) and multifamily rental occupancy.

For the fourth quarter of 2023, the Multifamily Production Index (MPI) had a reading of 41, while the Multifamily Occupancy Index (MOI) had a reading of 77.

Current Data

• Multifamily Market Survey (PDF)
• Multifamily Market Survey (Excel)
• Full Report

New Methodology as of Q1 2023

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

The MPI measures builder and developer sentiment about current production conditions in the apartment and condo market on a scale of 0 to 100. The index and all its components are scaled so that a number above 50 indicates that more respondents report conditions are good than report conditions are poor.

The new MPI is a weighted average of four key market segments: three in the built-for-rent market (garden/low-rise, mid/high-rise and subsidized) and the built-for-sale (or condominium) market. The survey asks multifamily builders to rate the current conditions as “good,” “fair” or “poor” for multifamily starts in markets where they are active.

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

The new MOI is a weighted average of three built-for-rent market segments (garden/low-rise, mid/high-rise and subsidized). The survey asks multifamily builders to rate the current conditions for occupancy of existing rental apartments in markets where they are active as “good,” “fair” or “poor.”