Market Watch: National Multifamily Supply and Demand
“The lack of available housing is holding our country back. 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,” said Doug Bibby, NMHC President.
Amidst demographic shifts and lingering pandemic-impacts on the population and broader economy, the U.S. faces a pressing need to build 4.3 million new apartments by 2035, according to a new study commissioned by the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC).
“It’s important to understand why people are moving, not just where. Much of the market growth was centered in Sun Belt regions, with Jacksonville, Tampa and Palm Beach in Florida topping national charts.”
Multihousing News reports on population migrations: https://www.multihousingnews.com/why-multifamily-investment-is-both-delicate-balancing-act-and-unique-opportunity/
Apartments and their residents contribute $3.4 trillion to the U.S. economy annually, supporting 17.5 million jobs. https://www.weareapartments.org/