Elevated Demand for Apts. Expected to Remain Due to Household Formation and Lack of Affordable Housing Options
As One of Multifamily Sector’s Largest Industry Gatherings Winds Down in Atlanta, Researchers Sound Need for Millions of New Units
June 22, 2017 | by Randyl Drummer | CoStar
Separate studies issued this week share the same conclusion that demand for rental apartments and other housing options will stay at elevated levels largely due to continued robust household formation and limited affordable housing options, especially for detached single-family houses.
The first study was co-commissioned by the National Apartment Association (NAA), sponsor of NAA Education Conference & Exposition running this week through Friday at the Georgia World Congress Center in Atlanta. The report projects that based on current trends, an additional 4.6 million new apartment units will be needed by 2030 to keep up with demand as younger people delay marriage, the U.S. population ages and immigration continues.
Another study, released a few days later in Washington, D.C. by the Joint Center for Housing Studies at Harvard University, focuses on the increasing lack of affordable housing due to the limited stock of available single-family housing and rising apartment rents amid an extremely tight pipeline for both for-sale and rental housing.
