17 Jul 2026 10:40:11 ET │ 12 pages US REITs and Lodging The Housing Landscape – Volatility Remains with Multifamily Starts Up and Permits Down Sequentially CITI'S TAKE Vi e w p o i n t | June multifamily starts were up +76% m/m at 513k from upwardly revised 291k in May, permits were down -5% m/m at 445k from 468k, and completions were down -4% m/m at 413k from 428k in May. Average starts and permits are down meaningfully from 2022 peaks, with TTM average starts and permits -21% and -28% below 2022 averages, ...