LeaseLock Chief Economist Greg Willett Featured in GlobeSt on Multifamily Construction Data Reliability

Published: August 26, 2025
By: LeaseLock Marketing

GlobeSt spotlighted LeaseLock Chief Economist Greg Willett in a national story examining whether recent federal data on multifamily construction reflects market reality. In “Is Recent Multifamily Housing Data Reliable?” the publication details growing skepticism about U.S. Census Bureau reports that show unusually strong summer spikes in apartment starts. Globest

Why this coverage matters

The article notes July’s reported 42,000 multifamily starts, one of the highest Julys in decades, and highlights how private-sector indicators and executive commentary point to weaker activity. Analysts cited include Jay Parsons, along with cross-checks from AIA’s Billings Index and NMHC developer surveys, all suggesting no broad construction rebound. The piece also flags the potential policy risk when anomalous figures are interpreted as evidence of improving supply. Globest

Greg’s point of view

Greg brought long-standing context to the debate, telling GlobeSt: “The construction starts series always has been an egregiously bad data set.” That line underscores a persistent concern among industry economists about volatility and methodology in the federal starts series. Globest

Putting the numbers in context

Beyond the federal release, multiple private data sources continue to show starts at or near cycle lows. GlobeSt references RealPage and CoStar trends indicating the lightest new-start pace in roughly a decade, and YieldPro reports Yardi Matrix shows 2025 starts roughly in line with 2024, still well below peak levels. These readings align with what many developers and REITs have been reporting on earnings calls. GlobestYield PRO

What it means for operators and investors

When official statistics diverge from on-the-ground intelligence, operators can be left navigating mixed signals on pipeline risk, lease-up timing, and pricing power. Greg’s perspective helps audiences reconcile the headline numbers with real-time market behavior, so capital planning and portfolio strategy remain grounded in practical reality. Globest

About Greg Willett

Greg is one of the multifamily industry’s most recognized economists, known for clear takeaways that bridge national trends and property-level decisions. He leads LeaseLock Market Insights, sharing timely commentary and field reporting for owners, operators, and investors.