Lumber Prices Are Hurting Apartment Builders

“Material costs included in new multifamily construction are up 25% to 30% over the past year, according to CoStar. That increase—not just in prices for lumber but for other commodities like fuel, copper and steel—was the largest since at least 1988, CoStar said. These rising costs threaten to cool down one of the hottest construction sectors since the start of the pandemic.”