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Government faces a huge apartment supply shortage of 328,000 as housing demand soars
Posted on October 7, 2021 |
- The U.S. needs to build an average of 328,000 apartments per year to keep up with the demand of 4.6 million apartments by 2030 and only 186,200 new apartments were built in 2013
- The slump in the housing market and the economic slowdown have halted the construction of apartments, creating a huge shortage.
- The changing lifestyle choices and demographic shifts boosted the apartment demand in which 80 million millennials will create 25 million households, favoring rental housing.
- Regulations, municipal mandates, zoning requirements drive cost escalation and development, worsening market-driven rent increases is also a big reason for high apartment demand.