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June 15, 2017
Apartment Demand to Grow Through 2030
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A growing population, new immigration and changing lifestyle preferences are expected to drive the need for 4.6 million new apartments by 2030, according to a new study conducted by Hoyt Advisory Services and NMHC and NAA.

Meeting that demand means building at a rate that is significantly higher than the 244,000 units the apartment industry has produced on average annually for the past five years—some of the most robust in recent history.

The study includes 2030 estimates for all 50 states and 50 metro areas.

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Immigrants Drive Apartment Demand

Apartments provide homes to millions of immigrants. In fact, one in four apartment households are headed by an immigrant. This influence on apartment demand stems not only from their numbers, but also from their propensity to rent. On average, immigrants are 40 percent more likely to rent than native-born Americans.

However, not all immigrant households are the same. NMHC’s research team’s analysis showed varied financial profiles, household size and rentership rates for different groups. For example, immigrants hailing from the Middle Americas, South America and Sub-Saharan Africa tend to rent longer than other groups while immigrants from Europe, Southern Asia, Oceania and Canada typically have higher household incomes. 

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About Apartment Wire
A must-read for top apartment industry professionals, Apartment Wire is a timely review of emerging trends in apartment finance, development, management and technology and more, featuring both exclusive content from NMHC's staff of experts and provocative articles from across the web.
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