Apartment Supply Shortage
The U.S. needs to build 4.3 million more apartments by 2035 to meet the demand for rental housing. This includes 600,000 units (total) to fill the shortage from underbuilding after the 2008 financial crisis.
Underproduction of housing has translated to higher housing costs – resulting in a decline of 4.7 million affordable apartments (monthly rents less than $1,000) from 2015-2020.
NMHC and NAA partnered with Hoyt Advisory Services to identify the demand for apartments through 2035. Read their analysis of the apartment industry.Read the report
NMHC and the National Association of Home Builders (NAHB)'s new research based on a survey of 49 developers across the United States, also examined regulations and other factors that can impact whether development even occurs.Read the report
The Housing Affordability Toolkit helps guide discussions regarding specific housing affordability policies, tools, and incentives. It is divided into six sections and each section delves into a specific component of addressing the affordability challenge.