What led to this increased demand? It's a perfect storm brewing in the multifamily industry, combining factors that include an aging population, population growth through immigration, and a decline in home purchases. New lifestyle trends reflect new demands. Not as many people are buying homes and those that typically buy are doing so later in life.<\/p>\n

"We're experiencing fundamental shifts in our housing dynamics, as more people are moving away from buying houses and choosing apartments instead. More than 75 million people between 18 and 34 years old are entering the housing market, primarily as renters," said Dr. Norm Miller, Principal at Hoyt Advisory Services and Professor of Real Estate at the University of San Diego. "Apartment rentals are on the rise, and this trend is expected to continue at least through 2030, which means we'll need millions of new apartments in the U.S. to meet the increased demand."<\/p>\n

Aging also has a significant impact on the increased need for apartment housing.<\/p>\n

"People ages 65+ will account for a large part of population growth going forward across all states. The research shows older renters are helping to drive future apartment demand, particularly in the northeast, where renters ages 55-plus will account for more than 30 percent of rental households."<\/p>\n

Building regulations and the amount of land available for development are just some of the challenges the U.S. apartment market is facing. Multifamily industry leaders are looking for ways to work with government policymakers to "lower barriers to development and better address the current and future housing shortage."<\/p>\n