Roughly 4.3 million new apartments will be necessary by 2035 to meet rising demand, according to research from the National Multifamily Housing Council (NMHC) and National Apartment Association.
Some 266,000 new units will be needed annually. Housing affordability has worsened over the past several years, according to the research. The number of affordable units, defined as those with rents less than $1,000 per month, declined by 4.7 million from 2015 to 2020.
“Producing enough new apartments to meet demand requires new development approaches, more incentives and fewer restrictions,” researchers say. Texas, Florida, and California account for 40% of future demand and will collectively require 1.5 million apartments by 2035.
“The lack of available housing is holding our country back,” said NMHC president and CEO Doug Bibby. “Whether it is a multifamily residence, duplex or single-family home, we need a massive supply of new for sale and rental homes—including millions of new apartments by 2035.”
Related Stories
Multifamily Housing | May 27, 2015
‘European’ living comes to The Woodlands with its first condo tower
Treviso at Waterway Square will offer a dynamic downtown setting with numerous live/work/play options.
Multifamily Housing | May 19, 2015
Zaha Hadid unveils 'interlocking lattice' design for luxury apartments in Monterrey, Mexico
Hadid's scheme was inspired by the Mexican tradition of interlocking lattice geometries.
Multifamily Housing | May 19, 2015
Study: Urban land use policies costs U.S. economy $1.6 trillion a year
The research contends that more affordable housing options can help cities generate significantly more income.
Multifamily Housing | May 17, 2015
New York City runs into affordable housing dilemma
New York City’s affordable housing policy has created attractive low-cost housing, but the price of success has been high.
Sponsored | Coatings | May 14, 2015
Prismatic coatings accent the new Altara Center
This multi-use campus will contain a university, sports facilities, medical center, and world-class shopping
High-rise Construction | May 6, 2015
Two new designs submitted for New York City Riverside Center
Both designs reference the cantilevers and other elements featured in architect Christian de Portzamparc’s original masterplan for the complex, which has now been scrapped.
High-rise Construction | May 6, 2015
Parks in the sky? Subterranean bike paths? Meet the livable city, designed in 3D
Today’s great cities must be resilient—and open—to many things, including the influx of humanity, writes Gensler co-CEO Andy Cohen.
Mixed-Use | May 5, 2015
Miami ‘innovation district’ will have 6.5 million sf of dense, walkable space
Designing a neighborhood from the ground-up, developers aim to create a dense, walkable district that fulfills what is lacking from Miami’s current auto-dependent layout.
Codes and Standards | May 1, 2015
Colorado House kills construction defects bill
The legislation would have made it harder for condo owners to sue builders.
Multifamily Housing | May 1, 2015
Trade groups extend campaign to promote apartment living
The groups claim that there are more than 37 million Americans—12% of the population—living in just under 20 million apartment units nationwide. Apartments and their residents contribute $1.3 trillion annually to the economy.
