To meet demand, US needs 4.3M more apartments by 2035

Dive Brief:

  • The U.S. needs 4.3 million new apartment units between now and 2035 in order to mitigate issues related to apartment demand and the shrinking supply of affordably priced housing, according to research commissioned by the National Multifamily Housing Council and National Apartment Association.

  • This number incorporates an existing deficit of 600,000 apartment homes, which the study attributes to underbuilding associated with the 2008 economic downturn. In addition, between 2015 and 2020, the nation’s supply of affordable housing — defined as housing units with rents less than $1,000 per month — declined by 4.7 million units.

  • The main reason for these units not existing is that we have had a reverse filtering phenomenon occur because of our supply shortage. Because there are not enough available units, it moves the asking rents up, reducing the number of affordable units,” Caitlin Sugrue Walter, vice president of research for the NMHC, told Multifamily Dive.

RSK: With the tens of thousands of immigrants entering the US every month, you can double this estimate.

Ken Notes: We need workforce housing that includes apartments and smaller affordable homes for our retail and service workers. You should not be allowed to buy coffee unless you know where your barista lives. We need inclusive neighborhoods with diverse housing opportunities.

- - Volume: 10 - WEEK: 33 Date: 8/9/2022 9:50:41 AM -