The Multifamily Market Survey (MMS), released by the National Association of Home Builders (NAHB), released its results for the second quarter of 2023 revealing positive confidence in the multifamily housing market.
According to Mortgage Professional, two separate indices were produced: the Multifamily Production Index (MPI) and the Multifamily Occupancy Index (MOI). In the new report, the former had a reading of 56, while the latter was 89.
The MPI shows the weighted average of four key market segments (three in the built-for-rent market and the built-for-sale market) and measures builder and developer sentiment on the current conditions of the production in the apartment and condo market on a scale of 0 to 100. A number that goes over 50 would indicate there are more respondents perceiving the conditions to be good.