266k New Apartments Needed Annually
Apartment demand is growing and the industry needs to keep up. However, producing enough new apartments to meet demand requires new development approaches, more incentives and fewer restrictions.
The country needs to build 266K new apartment homes each year to meet demand. Apartment construction contributes $150.1B to the country's economy annually, creating 752K jobs.
Source: National Data, We are Apartments, Hoyt Advisory Services; NMHC/NAA; 2021 American Community Survey, U.S. Census Bureau
2023 Multifamily Market Outlook
57%
Monthly Payment for a New Purchase is 57% more expensive than average apartment rent.
#1
Widest Gap On Record
Overall housing demand remains strong Even if home values continue to fall and mortgage rates drop in 2023, the relatively lower cost of renting will support rental demand.
Cost of Ownership V.S. Cost of Renting
Commercial Property Price Index, By Sector
"Investors are still buying, lenders are still lending, and no one seems to be panicking just yet. Everyone is being more careful about which deals they do until there is more market clarity.”
PWC & Urban Land Institute, 2023