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 1, 2018
Boutique condo provides 41 exclusive residences in Miami’s Bay Harbor Islands
Revuelta Architecture International designed the building.
Multifamily Housing | May 1, 2018
Call for experts: We’re looking for designers and builders of bicycle storage facilities for multifamily
The editors of Multifamily Design+Construction magazine seek experts for a "how-to" article in the next issue.
Multifamily Housing | Apr 30, 2018
For housing costs, consider all occupancy costs - not just property taxes
It's inaccurate to focus on property taxes as a percentage of home value without acknowledging the actual cost of housing to which this percentage is applied.
Multifamily Housing | Apr 27, 2018
1912 publishing house becomes luxury residential condominiums
Gottesman Architecture and GSArch designed the renovated building.
Adaptive Reuse | Apr 26, 2018
Edison Lofts building is New Jersey’s largest non-waterfront adaptive reuse project
Minno & Wasko Architects & Planners designed the building.
Multifamily Housing | Apr 24, 2018
Adrian Smith + Gordon Gill Architecture designs 47-story condo tower in Miami
The tower will be located in Miami’s South Brickell neighborhood.
Multifamily Housing | Apr 23, 2018
Mass timber design for multifamily housing
The adaptability of urban development could be revolutionized through the inherent strength of mass timber construction.
Multifamily Housing | Apr 18, 2018
MAA, Greystar nation’s largest apartment owner, developer
With 5,651 apartment units started in 2017, Charleston, S.C.-based Greystar Real Estate Partners was the most active multifamily rental developer last year, according to the 2018 NMHC 50 report.
High-rise Construction | Apr 17, 2018
Developers reveal plans for 1,422-foot-tall skyscraper in Chicago
The tower would be the second tallest in the city.
Multifamily Housing | Apr 10, 2018
Luxury apartment community in southwest Charlotte provides 288 one- and two-bedroom units
Each of the six buildings will offer 28 corner units.
