A recent study by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA), the multifamily industry which revealed there will be a need for construction of 4.3 million new apartment buildings by 2035, due to the affordability and growth of rental needs.
“The U.S. has undergone tremendously difficult conditions that have fundamentally altered our nation’s demographics, but one thing remains certain—there is a need and demand for more rental housing,” says NAA president and CEO Bob Pinnegar.
“Put simply, we do not have enough housing. The U.S. must build 3.7 million new apartments just to meet future demand, on top of a 600,000-unit deficit and loss of 4.7 million affordable apartment homes. It is time to reverse course after decades of underbuilding, and instead pursue responsible and sustainable policies that will not only meet this demand but address the missing middle and loss of affordable housing stock.“
Investors are finding the multifamily housing industry is the top commercial real estate sector
“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,” says NMHC president and CEO Doug Bibby. “Making sure everyone has access to quality, affordable housing is a bipartisan issue, and the industry stands ready to do its part to help create the 4.3 million new apartment homes our country needs.
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