New Industry Study: U.S. Needs 4.6 Million New Apartments By 2030
A recent study commissioned by the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) reveals that in order to keep up with the growing demand, the United States needs to build 4.6 million new apartments by 2030 or it will face a major shortage.
The study defines apartments as units in buildings containing five or more rental units. As rent increasingly becomes more of a lifestyle choice and not just an economic one, apartment demand will be driven by all ages and every income level.
At the individual Metropolitan Statistical Area (MSA), demand was ranked by both sheer number of apartment units needed as well as the percent increase of new apartments over the current stock. New York, Los Angeles, Dallas-Fort Worth, Chicago, Washington, D.C., and Houston each need over a half-million units over the next 13 years.
For much more info from this study (including detailed charts), click here.