To meet growing demand, America needs to build at least 4.6 million new apartment homes at all price points by 2030. In addition, as many as 11.7 million older existing apartments could need renovation during the same period.
These projections come from a new study commissioned by the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) and conducted by Hoyt Advisory Services (HAS).
“It’s important to note that this number excludes the supply-demand imbalances already existing in some markets,” said Paula Munger, NAA’s Director of Research and Industry Analysis.
The study attributes this increased demand to:
- The rise of young adults ages 18 to 34 as the largest generational demographic group and who are delaying homeownership;
- The aging population who are choosing the convenience of apartment living; and
- Immigration, which is predicted to account for about half of all new U.S. population growth through 2030.
- Demand for apartments is at an all-time high as the number of renters has reached an unprecedented level. Nearly 39 million people in the United States — that is almost 1 in 8 — call apartments home. This demand:
- Puts significant pressure on the apartment housing industry to meet their needs.
- Makes it challenging for millions of families nationwide to find quality rental housing they can afford at their income levels. Underlying the affordable rental housing shortage is an income problem.
To meet growing demand, America needs to build at least 4.6 million new apartment homes at all price points by 2030. In addition, as many as 11.7 million older existing apartments could need renovation during the same period.
These projections come from a new study commissioned by the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) and conducted by Hoyt Advisory Services (HAS).
“It’s important to note that this number excludes the supply-demand imbalances already existing in some markets,” said Paula Munger, NAA’s Director of Research and Industry Analysis.
The study attributes this increased demand to:
- The rise of young adults ages 18 to 34 as the largest generational demographic group and who are delaying homeownership;
- The aging population who are choosing the convenience of apartment living; and
- Immigration, which is predicted to account for about half of all new U.S. population growth through 2030.
- Demand for apartments is at an all-time high as the number of renters has reached an unprecedented level. Nearly 39 million people in the United States — that is almost 1 in 8 — call apartments home. This demand:
- Puts significant pressure on the apartment housing industry to meet their needs.
- Makes it challenging for millions of families nationwide to find quality rental housing they can afford at their income levels. Underlying the affordable rental housing shortage is an income problem.