Research: U.S. needs 4.6M new apartments by 2030
WASHINGTON – July 7, 2017 – Delayed marriages, an aging population and international immigration are increasing the pressure for new apartments – 4.6 million by 2030 – according to a study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA).
The study conducted by Hoyt Advisory Services notes that:
- Currently, nearly 39 million people live in apartments
- In the past five years, an average of 1 million new renter households formed every year – a record amount
- It will take building an average of at least 325,000 new apartment homes every year to meet demand, but, on average, just 244,000 apartments were delivered from 2012 through 2016
For purposes of the study, apartments were defined as rental apartments in buildings with five or more units. The data is available on WeAreApartments.org.