Confidence in the market for new multifamily housing was in negative territory in the fourth quarter of 2023, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 41—below the break-even point of 50—while the Multifamily Occupancy Index (MOI) reading was 77.
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 below 50 indicates that more respondents report conditions are poor than report conditions are good.