There are more than 38 million Americans living in apartments. The multifamily sector continues to drive America’s housing construction, and contributes more than $1 trillion annually to the country’s economy through financing, development, and operations of apartment complexes.
But available data about this sector and its residents continue to be sparse, given the size of this market and its growth.
To fill “critical voids” in that data, the National Multifamily Housing Council has raised $2.25 million in cash commitments from some of the biggest companies in this sector for the launch of a nonprofit NMHC Research Foundation that would fund unique and original research on such topics as housing, demographics, tax policy, regulations, zoning, and land use.
“As the multifamily industry grows in sophistication, so must the quality and breadth of our analysis,” says Doug Bibby, NMHC’s President and CEO. “The NMHC Research Foundation ensures that we’re able to continue providing leading, actionable information for the apartment market and support our member businesses.”
The Foundation, a 501(c)(3) entity, is guided by a board of directors comprised of Bibby; Kenny Emson, NMHC’s Senior Vice President of Finance Administration; and Mark Obrinsky, Senior Vice President for Research and Chief Economist. A Board of Advisors will provide input into the Foundation’s program of research.
It is not immediately clear how the research conducted and published by the Foundation will overlap or add to research that NMHC already churns out in such forms as its quarterly report of apartment market conditions, or various newsletters and reports that have recently touched on such subjects as the single-family rental market and aging apartment stock.
The NMHC research is generally members-only content.
Jim Lapidis, NMHC’s Vice President of Strategic Communications, tells BD+C that the Foundation is being layered into NMHC’s operations. “We do not anticipate hiring anyone specifically for the Foundation. We will be relying on a group of industry experts to volunteer their time and energy to review and award research grants,” he says.
It appears the Foundation’s research will be deeper dives into different topics, such as:
•Assessing risk-adjusted returns on apartments compared to other real estate and non real estate assets returns on apartments compared to other real estate and non real estate assets;
•Analyzing costs, challenges, and effects of inclusionary zoning policies;
•Studying energy consumption in multifamily buildings, with an eye toward providing guidance for energy efficiencies;
•Reviewing the norms of parking ratios in new developments;
•Examining the age of apartment stock and the cost of rehabilitation; and
•Exploring consumer needs and business viability of longer-term leases geared toward older and/or retired households.
Companies that have made early funding commitments to the Foundation include founding partners RealPage (a $1 million pledge) and Weidner Apartment Homes ($500,000). Each will pay out over a three-year period, and RealPage is availing Foundation with access to its databases and analytic capabilities.
“RealPage is excited to partner with NMHC to enhance the industry’s intelligence,” says Steve Winn, its Chairman and CEO.
NMHC identifies a total of 32 “early” contributors, comprising a veritable who’s who of developers, owners, and property managers in the multifamily space. They include Marcus & Millichap, Trammell Crow, Mill Creek Residential, UDR, Bozzuto Group, Pinnacle, SARES REGIS Group, Waterton, and Essex Property Trust.
Related Stories
| Jul 28, 2014
Reconstruction Sector Construction Firms [2014 Giants 300 Report]
Structure Tone, Turner, and Gilbane top Building Design+Construction's 2014 ranking of the largest reconstruction contractor and construction management firms in the U.S.
| Jul 28, 2014
Reconstruction Sector Engineering Firms [2014 Giants 300 Report]
Jacobs, URS, and Wiss, Janney, Elstner top Building Design+Construction's 2014 ranking of the largest reconstruction engineering and engineering/architecture firms in the U.S.
| Jul 28, 2014
Reconstruction Sector Architecture Firms [2014 Giants 300 Report]
Stantec, HDR, and HOK top Building Design+Construction's 2014 ranking of the largest reconstruction architecture and architecture/engineering firms in the U.S.
| Jul 23, 2014
Architecture Billings Index up nearly a point in June
AIA reported the June ABI score was 53.5, up from a mark of 52.6 in May.
| Jul 22, 2014
Herzog & de Meuron unveil curvy concrete condo in Manhattan
Herzog & de Meuron have released renderings of their new $250 million New York building, a 12-story condominium with 88 luxury apartments.
| Jul 21, 2014
Economists ponder uneven recovery, weigh benefits of big infrastructure [2014 Giants 300 Report]
According to expert forecasters, multifamily projects, the Panama Canal expansion, and the petroleum industry’s “shale gale” could be saving graces for commercial AEC firms seeking growth opportunities in an economy that’s provided its share of recent disappointments.
| Jul 18, 2014
Contractors warm up to new technologies, invent new management schemes [2014 Giants 300 Report]
“UAV.” “LATISTA.” “CMST.” If BD+C Giants 300 contractors have anything to say about it, these new terms may someday be as well known as “BIM” or “LEED.” Here’s a sampling of what Giant GCs and CMs are doing by way of technological and managerial innovation.
| Jul 18, 2014
Top Construction Management Firms [2014 Giants 300 Report]
Jacobs, Barton Malow, Hill International top Building Design+Construction's 2014 ranking of the largest construction management and project management firms in the United States.
| Jul 18, 2014
Top Contractors [2014 Giants 300 Report]
Turner, Whiting-Turner, Skanska top Building Design+Construction's 2014 ranking of the largest contractors in the United States.
| Jul 18, 2014
Engineering firms look to bolster growth through new services, technology [2014 Giants 300 Report]
Following solid revenue growth in 2013, the majority of U.S.-based engineering and engineering/architecture firms expect more of the same this year, according to BD+C’s 2014 Giants 300 report.