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
Coronavirus | Jul 20, 2020
Student housing amid the pandemic, infection control in buildings, and future airport design on "The Weekly"
Experts from Core Spaces, Bala Consulting Engineers, and Populous were interviewed in the July 23 streaming program from Horizon TV.
Mixed-Use | Jul 14, 2020
Apartments and condos occupy what was once a five-story car dealership
Wisznia | Architecture+Development designed, developed, and is managing the project.
Multifamily Housing | Jul 7, 2020
AEMSEN develops concept for sustainable urban living
The concept has been created for the redevelopment of the lots on the Barbizonlaan in Capelle aan den IJssel.
Multifamily Housing | Jun 29, 2020
New affordable housing development comes to the Bay Area
The two phase project will provide 100 affordable units total.
Multifamily Housing | Jun 23, 2020
11 tips on how to install EV charging stations in multifamily housing
A top sustainability expert gives the whys and wherefores of installing electric vehicle charging posts in your next multifamily enterprise.
Coronavirus | Jun 19, 2020
Experts address COVID-19's impact on nursing homes and schools on The Weekly
The June 18 episode of BD+C's "The Weekly" is available for viewing on demand.
Senior Living Design | Jun 11, 2020
COVID-19: An "outdoor living room" for senior living residents to safely visit with their families
Aegis Living creates a plexiglass-wrapped outdoor space for residents to sit while visiting with family members.
Multifamily Housing | Jun 10, 2020
60-unit independent senior living facility completes in Crystal Lake, Ill.
UrbanWorks designed the project.
Multifamily Housing | Jun 9, 2020
Two 56-story prefabricated towers will make up Singapore’s newest residential district
ADDP Architects designed the project.
Multifamily Housing | Jun 4, 2020
Roof hatches selected for infill townhomes in Miami’s Little Havana neighborhood
Townhome project in Little Havana, Miam, Fla., uses BILCO roof hatches for reliability, code compliance.
