Construction of new multifamily housing increased to a 381,000 unit seasonally adjusted annual rate in January, as robust demand for rental housing and record prices of apartment buildings provide strong incentives to build new supply. Multifamily housing starts are running nearly four times the average pace during 2009 and 2010, prompting some fears of overbuilding. A peek a bit further back in time, however, casts the recent trends in a bit different perspective.