
NMHC, NAA Say 4.3 Million New Apartments Are Needed by 2035
The U.S. will need to build 4.3 million new apartments by 2035, according to a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). The figure includes a current shortfall of some 600,000 units.
“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,” said NAA president and CEO Bob Pinnegar. “Put simply, we do not have enough housing.”
Added NMHC president and CEO Doug Bibby, “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.”
The two associations have launched a website breaking down the housing requirements by state and 50 key metro areas.
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