June 13, 2017
A new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) finds that 4.6 million new apartments are needed by 2030. The reasons cited for the increased demand include delayed marriages, an aging population and international immigration.
NAA’s Cindy Clare says, “The need is for all types of apartments and at all price points.”
Nearly 39 million people live in apartments today, and demand is outstripping capacity quickly. Part of what’s driving that need for new product is the fact that in the past five years, an average of one million new renter households formed each year.
It will take building an average of at least 325,000 new apartment homes every year to meet demand; yet, on average, just 244,000 apartments were delivered from 2012 through 2016.
For comments, questions or concerns, please contact Dennis Kaiser