I identify several characteristics that account for a large share of the variation in multifamily construction across metropolitan areas during 2013-15. It was stronger in larger metros, as measured by population, and less crowded ones, as measured by median population density and the increase...

The sharp rebound in U.S. multifamily construction since the housing crisis has been driven largely by young adults, who swung back toward living in apartments following a shift away during the housing boom. But adults in their 50s and 60s accounted for nearly all the net increase in multifamily...