NMHC produces a variety of reports on a variety of topics that impact the development, financing, operations, and management of apartments.
Just Published!
2024 National Multifamily Industry Compensation Survey Report
Published 2024
This report is the premier resource for comprehensive compensation data in the multifamily housing sector, offering critical insights into current market practices and salary levels across over 140 corporate, regional and on-site roles.
NMHC Pulse Survey: Analyzing the Impact of Building Codes on Rental Housing Development & Affordability
Published May 2024
In an effort to gain more clarity on specific building code cost drivers and feasibility deterrents, NMHC conducted a survey of its membership. The NMHC Pulse Survey on Building Codes and Standards was conducted from March 5 -19, 2024, and received 41 responses from multifamily builders, developers and operators across the United States.
NMHC Pulse Survey: Analyzing the Operational Impact of Rental Application Fraud and Bad Debt
Published Jan. 2024
Throughout the country incidences of rental application, financial and identity fraud are on the rise fueled – in part – by social media. This NMHC Pulse Survey was conducted from November 15, 2023, to January 9, 2024, and received responses from NMHC and National Apartment Association (NAA) members representing 75 leading apartment owners, developers and managers.
NMHC Report: Rent Regulation Policy in the United States
Published Jan. 2024
In 2018, Dr. Lisa Sturtevant completed a literature review for the National Multifamily Housing Council (NMHC) on rent control and its associative effects. Dr. Arthur C. Nelson, Professor Emeritus at the University of Arizona, reaffirms – and builds upon – these findings as part of a 2024 report that explores more recent impacts of rent control and rent regulation policies in the U.S. The 2024 report incorporates new, peer-reviewed and academic articles that illustrate various rent regulation programs that reduce the supply of housing in communities across the nation—therefore increasing housing costs.
Reports by Category
U.S. Apartment Demand Through 2035
Published 2022
Apartment firms must pay increasing attention to the legal landscape surrounding data privacy and ensuring that they are compliant with existing and future laws. NMHC’s white paper provides a framework for developing strong data privacy practices that support apartment firms’ efforts to comply with existing and evolving data privacy laws and standards, regardless of jurisdiction.
The Future of Student Housing Demand
Published 2021
This paper forecasts future student housing demand to distinguish between those segments of the industry that are likely to continue to thrive in the coming years and those that face higher levels of risk. It also explores a variety of other factors that may benefit institutional student housing operators in the future.
Structural Changes in Student Housing Demand
Published 2021
Student housing has historically experienced recession-proof demand as measured by enrollment in public four-year universities, which has grown at an average annual pace of 2.1% over the past 10 years. That is more than double both population growth and employment growth over that time period. This paper examines the structural, demographic and economic forces that will influence future demand for student housing.
NMHC Pulse Survey: Analyzing the Impact of Building Codes on Rental Housing Development & Affordability
Published May 2024
In an effort to gain more clarity on specific building code cost drivers and feasibility deterrents, NMHC conducted a survey of its membership. The NMHC Pulse Survey on Building Codes and Standards was conducted from March 5 -19, 2024, and received 41 responses from multifamily builders, developers and operators across the United States.
Behind the Facade The Feasibility of Converting Commercial Real Estate to Multifamily
Published 2023
This joint NMHC/Urban Land Institute research report examines the feasibility and potential of repurposing unused and underutilized commercial real estate (CRE) structures—offices, hotels, retail, etc. –into housing to help address the nation’s housing crisis.
NMHC-NAHB Cost of Regulations Report (2022)
Published 2022
Regulation imposed by all levels of government accounts for an average of 32.1 percent of multifamily development costs, according to new research released today by the National Association of Home Builders (NAHB) and the National Multifamily Housing Council (NMHC). In fact, in a quarter of cases, that number can reach as high as 42.6 percent.
Vision 2035: Policy Recommendations to Make Apartments More Affordable
Published 2022
If government and private developers come together to take action, we can build 4.3 million apartments by 2035 to meet demand and control the cost of housing. Solutions that help supply meet demand and reduce the cost of developing apartments are out there but need to be more broadly adopted across the country.
NMHC/Coalition Survey Shows Multifamily Insurance Costs Continue to Rise
Published 2021
NMHC, in partnership with a number of other real estate trade groups that represent for-profit and non-profit owners and operators of both affordable and conventional rental housing, undertook a survey representing over 2.6 million housing units on the insurance landscape faced by housing providers.
NMHC Research Foundation Study: Filtering of Apartment Housing between 1980 and 2018
Published 2020
The Filtering of Apartment Housing between 1980 and 2018 study is the first thorough and in-depth analysis of apartment filtering—the aging and obsolescence that produces naturally-occurring affordable rental homes.
Research: Cost Analysis of the 2009 and 2012 International Energy Conservation Code
Published 2012
Many states have started adopting the 2009 International Energy Conservation Code (IECC), which contains significant changes over the prior version-the 2006 IECC. The just-released 2012 edition, which includes even more aggressive changes and significant administrative differences, is also being vetted for adoption.
Strategies and Costs to Exceed ASHRAE 90.1-2004 Requirements in a Multifamily Apartment Building
Published 2008
In an effort to combat climate change, lawmakers at all levels are increasingly looking to apartment owners and developers to improve the energy efficiency of their buildings. In the past year, numerous proposals have been introduced that would require apartment properties to exceed existing energy-efficiency requirements (as contained in the ASHRAE 90.1 building standard) by anywhere from 15 percent to 50 percent.
White Paper: Overcoming Opposition to Multifamily Rental Housing
Published 2007
This white paper identifies and examines the nature of local resistance to apartments, the reasons behind it and how it can be overcome. It is organized in two sections.
Study Shows Repealing Stepped-Up Basis Would Damage the Economy
Published 2021
A new report released by Ernst & Young finds that repealing the Step-Up in basis tax provision would cause damage to the Gross Domestic Product (GDP) and a significant decrease in job creation. The study was conducted for the Family Business Estate Tax Coalition, which includes almost 60 organizations representing family-owned businesses.
The Contribution of Multifamily Housing to the U.S. Economy
Published 2019
The study explored the impact the apartment industry had on the US economy in 2013 and 2016.
The Impacts of Rent Control: A Research Review and Synthesis
Published 2018
Rent control policies are laws that cap rents and are usually implemented with the stated purpose of improving housing affordability. In fact, they may do just the opposite, according to an in-depth review of academic research on the issue conducted by Dr. Lisa Sturtevant.
The Economic Impact of Repealing or Limiting Section 1031 Like-Kind Exchanges in Real Estate
Published 2015
We examine the economic effects of repealing Section 1031 for real estate exchanges. After documenting the widespread use of real estate like-kind exchanges, we develop a model that quantifies the present value (cost) of an exchange to the owner (Treasury). We estimate that the static present value of lost Treasury revenues from real estate exchanges ranged from a low of $200 million to a high of $3 billion in 2011, although these estimates overstate lost Treasury revenue because they assume taxpayers would have disposed of their properties in fully-taxable sales in the absence of the option to exchange.
2023 NMHC State of Multifamily Risk Survey & Report
Published 2023
Skyrocketing insurance costs and a growing risk landscape are multifamily’s new reality. Inform your strategy with actual data and analysis. NMHC’s 2023 State of Multifamily Risk Survey and Report with analysis by FHS includes data from 160 individual firm responses with over 1.5 million owned units represented.
Behind the Facade The Feasibility of Converting Commercial Real Estate to Multifamily
Published 2023
This joint NMHC/Urban Land Institute research report examines the feasibility and potential of repurposing unused and underutilized commercial real estate (CRE) structures—offices, hotels, retail, etc. –into housing to help address the nation’s housing crisis.
Study Shows Repealing Stepped-Up Basis Would Damage the Economy
Published 2021
A new report released by Ernst & Young finds that repealing the Step-Up in basis tax provision would cause damage to the Gross Domestic Product (GDP) and a significant decrease in job creation. The study was conducted for the Family Business Estate Tax Coalition, which includes almost 60 organizations representing family-owned businesses.
Explaining High Apartment Returns
Published 2018
In the first work of research funded by NMHC’s Research Foundation, Professors Mark J Eppli and Charles C. Tu then examine a wide range of property and financial market characteristics to try to find insights into expected investment returns. One result: acquiring properties immediately after a downturn boosts returns.
The Economic Impact of Repealing or Limiting Section 1031 Like-Kind Exchanges in Real Estate
Published 2015
We examine the economic effects of repealing Section 1031 for real estate exchanges. After documenting the widespread use of real estate like-kind exchanges, we develop a model that quantifies the present value (cost) of an exchange to the owner (Treasury). We estimate that the static present value of lost Treasury revenues from real estate exchanges ranged from a low of $200 million to a high of $3 billion in 2011, although these estimates overstate lost Treasury revenue because they assume taxpayers would have disposed of their properties in fully-taxable sales in the absence of the option to exchange.
NMHC Report: Rent Regulation Policy in the United States
Published 2024
In 2018, Dr. Lisa Sturtevant completed a literature review for the National Multifamily Housing Council (NMHC) on rent control and its associative effects. Dr. Arthur C. Nelson, Professor Emeritus at the University of Arizona, reaffirms – and builds upon – these findings as part of a 2024 report that explores more recent impacts of rent control and rent regulation policies in the U.S. The 2024 report incorporates new, peer-reviewed and academic articles that illustrate various rent regulation programs that reduce the supply of housing in communities across the nation—therefore increasing housing costs.
2023 Report: Increased Insurance Costs for Affordable Housing Providers
Published 2023
Rental housing providers in communities nationwide are facing increased insurance costs—but the impact on affordable housing providers is particularly acute. The report, produced by ndp analytics and commissioned by the National Leased Housing Association (NLHA), aligns with other NMHC research that found a staggering 26 percent of property insurance costs increased over the past year.
Opening Doors of Opportunity A Guide for Advancing Housing Equity in the Multifamily Industry
Published 2023
NMHC, working with Enterprise Community Partners, created this Guide as a resource to help highlight ways that multifamily housing can help improve outcomes for underserved populations by supporting the advancement of housing equity in communities across the country.
Affordability in Purpose-Built Student Housing
Published 2023
Real rent per bed for purpose-built student housing increased by 24% from 2013-2020, outpacing both income and tuition increases. This first-of-its-kind study by authors Jack Lieberson and Jason Lee examines the factors driving rent increases in the purpose-built student housing market.
NMHC White Paper - Renter Payment Reporting: Considerations for Rental Housing Operators
Published 2022
Reporting renter payment history to consumer reporting agencies (CRAs) has occurred for decades. But recently, renter payment reporting has received fresh attention. This space is ripe with innovation and potential. As such, it presents great opportunity for both operators and renters. To help multifamily firms navigate this fresh landscape, NMHC has partnered with Jay Harris of Harris Crystal Advisors to create this new resource.
NMHC-NAHB Cost of Regulations Report (2022)
Published 2022
Regulation imposed by all levels of government accounts for an average of 32.1 percent of multifamily development costs, according to new research released today by the National Association of Home Builders (NAHB) and the National Multifamily Housing Council (NMHC). In fact, in a quarter of cases, that number can reach as high as 42.6 percent.
Vision 2035: Policy Recommendations to Make Apartments More Affordable
Published 2022
If government and private developers come together to take action, we can build 4.3 million apartments by 2035 to meet demand and control the cost of housing. Solutions that help supply meet demand and reduce the cost of developing apartments are out there but need to be more broadly adopted across the country.
Report: What the US can learn from rental housing markets across the globe
Published 2021
The U.S. is not unique in its housing affordability challenges. Indeed, rental housing markets across the developed world are struggling with the issue. What can we learn from other wealthy countries and their housing policies?
NMHC Research Foundation Study: Filtering of Apartment Housing between 1980 and 2018
Published 2020
The Filtering of Apartment Housing between 1980 and 2018 study is the first thorough and in-depth analysis of apartment filtering—the aging and obsolescence that produces naturally-occurring affordable rental homes.
Housing Affordability Toolkit
Published 2018
Housing stakeholders must be prepared to evaluate their housing market and effectively advocate for local housing policies in diverse communities across the nation. Download The Housing Affordability Toolkit to learn more about the relationship between costs and rents, how state and local policies impact affordability and facilitate conversations that result in the enaction of effective local housing policies.
Student Housing White Paper: Comparing the Costs of On-Campus and Off-Campus Student Housing
Published 2018
This paper presents a first step towards a comprehensive analysis of this issue. It examines the cost differences between different kinds of on-campus and off-campus housing options, including purpose-built student housing and student-competitive conventional apartments. In addition, this study presents a general assessment of how amenities, proximity to campus, bedroom offerings and the type of university appear to influence rental rates of the various housing types.
The Impacts of Rent Control: A Research Review and Synthesis
Published 2018
Rent control policies are laws that cap rents and are usually implemented with the stated purpose of improving housing affordability. In fact, they may do just the opposite, according to an in-depth review of academic research on the issue conducted by Dr. Lisa Sturtevant.
White Paper: Recent HUD Actions Regarding Disparate Impact
Published 2017
This White Paper analyzes several important recent developments in Department of Housing and Urban Development (HUD) rulemaking and issuance of guidance based on disparate impact liability under the Fair Housing Act (FHA).
NMHC and NAA Fair Housing White Paper on Familial Status and Occupancy
Published 2016
This memorandum consists of three parts. First, it explains the legal standard for bringing a claim under the Fair Housing Act (“FHA”) and how courts analyze disparate impact versus disparate treatment claims. Part II details recent case trends in familial status lawsuits pertaining to discriminatory policies against children. Part III provides an overview of the current state of the law on occupancy restrictions relating to families with children.
NMHC and NAA White Paper on Criminal Background Checks
Published 2016
The NMHC and NAA new white paper entitled, Criminal Conviction Screening Policies: Best Practices to Avoid Disparate Impact Liability, provides a detailed analysis of HUD’s recent fair housing guidance on criminal screening. HUD’s new policy seeks to extend protections for individuals with criminal histories by ending blanket exclusions of prospective residents based on criminal history in favor of a more individualized approach that is more narrowly tailored to achieve property safety and security goals.
2024 National Multifamily Industry Compensation Survey Report
Published 2024
This report is the premier resource for comprehensive compensation data in the multifamily housing sector, offering critical insights into current market practices and salary levels across over 140 corporate, regional and on-site roles.
2024 NMHC & Grace Hill Renter Preferences Survey Report
Published 2023
This report provides a comprehensive look at the home features and community amenities that renters can’t live without, how much they are willing to pay for them, and what matters during their home search. It features input from over 172,000 renters, living in 4,220 communities nationwide with data available in 77 markets.
NMHC White Paper: Artificial Intelligence & Resident Screening: Considerations for the Rental Housing Industry
Published 2023
As the use and capabilities of AI, machine learning, deep learning and large language models continue to evolve, questions have emerged about the intersection of AI tools with existing laws and business practices and the potential need for additional regulation. To help housing providers navigate this landscape, NMHC partnered with Ballard Spahr LLP to produce this white paper focused on the use of AI, machine learning and other algorithms in the resident screening process and broader housing operations.
NMHC & NAA White Paper: Cybersecurity Risks, Regulations & Considerations for the Multifamily Housing Industry
Published 2023
Advances within the property technology sector, otherwise known as PropTech, gives criminals greater access to apartment companies’ networks and the lives of their residents. Further, regulations have rapidly increased, which coincides with skyrocketing cyber insurance premiums.To help housing providers navigate this landscape, NMHC partnered with Holland & Knight to produce this white paper.
2023 Customer Experience (CX) Tech Survey Report
Published 2023
The multifamily digital landscape has been radically transformed by the ‘Great App Explosion’, presenting both unprecedented opportunities and challenges. To evaluate the influence and effectiveness of the proliferating use of applications shaping customer touchpoints within multifamily, RealFoundations partnered with NMHC to launch the 2023 Customer Experience (CX) Technology Survey.
2023 Report: Increased Insurance Costs for Affordable Housing Providers
Published 2023
Rental housing providers in communities nationwide are facing increased insurance costs—but the impact on affordable housing providers is particularly acute. The report, produced by ndp analytics and commissioned by the National Leased Housing Association (NLHA), aligns with other NMHC research that found a staggering 26 percent of property insurance costs increased over the past year.
2023 NMHC State of Multifamily Risk Survey & Report
Published 2023
Skyrocketing insurance costs and a growing risk landscape are multifamily’s new reality. Inform your strategy with actual data and analysis. NMHC’s 2023 State of Multifamily Risk Survey and Report with analysis by FHS includes data from 160 individual firm responses with over 1.5 million owned units represented.
NMHC White Paper – Recent U.S. Data Privacy and Protection Regulation and Risks
Published 2022
This white paper supplements the 2019 white paper by providing new insights into the evolving data privacy and security frameworks in the U.S. Specifically, this resource covers: State and Federal Lawmaking Efforts, U.S. Privacy and Security Litigation and Regulatory Enforcement Updates Emerging Multifamily Risk Areas and Strategies
NMHC White Paper - Renter Payment Reporting: Considerations for Rental Housing Operators
Published 2022
Reporting renter payment history to consumer reporting agencies (CRAs) has occurred for decades. But recently, renter payment reporting has received fresh attention. This space is ripe with innovation and potential. As such, it presents great opportunity for both operators and renters. To help multifamily firms navigate this fresh landscape, NMHC has partnered with Jay Harris of Harris Crystal Advisors to create this new resource.
NMHC White Paper: Music and Audiovisual Works Licensing Basics for Apartments
Published 2022
Copyright law that guides music, movie and other audiovisual content licensing carries serious legal and financial implications for multifamily operations. To help NMHC members navigate the music, movie and audiovisual licensing legal landscape, NMHC has partnered with Pillsbury Winthrop Shaw Pittman LLP on this exclusive member resource.
2022 Apartment Industry Technology Benchmarking Report
Published 2022
The 2022 report includes survey results from over 60 technology leaders in the industry, a significantly higher amount than in the 2020 survey. And much of the data is broken out by company size to give more accurate and appropriate benchmarks. The report is provided once again as a free benefit to NMHC members.
2020 Apartment Industry Technology Benchmarking Report
Published 2020
NMHC has partnered with One11 Advisors to create the first-of-its-kind 2020 Apartment Industry Technology Benchmarking Report. The report includes survey results from almost 50 technology leaders in the industry, representing companies with over 1.3 million apartment units, and is provided as a free member benefit to NMHC members.
Data Privacy and Protection: Practical Considerations for Apartment Firms - White Paper
Published 2019
Again, this NMHC white paper provides an overview of the emerging data privacy regulatory landscape, highlights potential associated challenges and offers practical considerations to help apartment firms navigate the complexities of the rapidly evolving frameworks.
Disruption
Published 2018
How Demographics Psychographics and Technology Are Bringing Multifamily to the Brink of a Design Revolution. Download the report.
NMHC White Paper on the Internet of Things (IoT)
Published 2018
The Internet of Things (IoT) presents the apartment industry with both opportunities and challenges. While the pace of this technological paradigm shift can be intimidating, apartment firms should know that they need not move forward blindly. They can draw on well-established technical solutions and frameworks from existing fields of cybersecurity and apply them to managing IoT environments.
Energy Efficiency in Multifamily Rental Homes: An Analysis of Residential Energy Consumption Data
Published 2016
In this paper, we examine how energy consumption differs among different residential housing types.
NMHC NAA White Paper on Cybersecurity
Published 2016
During the 2016 NMHC Spring Board of Directors Meeting in Chicago, we released a preview of a soon-to-be-released cybersecurity white paper. The paper will provide an in-depth analysis of the challenges facing the multifamily industry and, most importantly, provide a clear road map on how to implement best practices.
Research: Cost Analysis of the 2009 and 2012 International Energy Conservation Code
Published 2012
Many states have started adopting the 2009 International Energy Conservation Code (IECC), which contains significant changes over the prior version-the 2006 IECC. The just-released 2012 edition, which includes even more aggressive changes and significant administrative differences, is also being vetted for adoption.
Strategies and Costs to Exceed ASHRAE 90.1-2004 Requirements in a Multifamily Apartment Building
Published 2008
In an effort to combat climate change, lawmakers at all levels are increasingly looking to apartment owners and developers to improve the energy efficiency of their buildings. In the past year, numerous proposals have been introduced that would require apartment properties to exceed existing energy-efficiency requirements (as contained in the ASHRAE 90.1 building standard) by anywhere from 15 percent to 50 percent.
2023 Student Housing Income & Expense Benchmarking Survey
Just Published
Since 2010, this survey has been a vital industry tool for student housing lenders, investors, owners and managers seeking financial guideposts against which to measure both projected and actual performance results. The 2023 edition received a record number of submissions from 24 student housing providers. It contains financial data for: 1,074 student housing properties, 203,249 units and 566,008 beds across 49 states.
Affordability in Purpose-Built Student Housing
Published 2023
Real rent per bed for purpose-built student housing increased by 24% from 2013-2020, outpacing both income and tuition increases. This first-of-its-kind study by authors Jack Lieberson and Jason Lee examines the factors driving rent increases in the purpose-built student housing market.
Future of Student Housing Demand
Published 2021
This paper forecasts future student housing demand to distinguish between those segments of the industry that are likely to continue to thrive in the coming years and those that face higher levels of risk. It also explores a variety of other factors that may benefit institutional student housing operators in the future.
Structural Changes in Student Housing Demand
Published 2021
This paper examines the structural, demographic and economic forces that will influence future demand for student housing.
The U.S. Student Housing Market: On-Campus, Student Housing and Student-Competitive Properties
Published 2020
This report by NMHC’s Research Foundation examines the U.S. student housing market and explores key opportunities in the sector.
Student Housing White Paper: Comparing the Costs of On-Campus and Off-Campus Student Housing
Published 2018
This paper presents a first step towards a comprehensive analysis of this issue. It examines the cost differences between different kinds of on-campus and off-campus housing options, including purpose-built student housing and student-competitive conventional apartments. In addition, this study presents a general assessment of how amenities, proximity to campus, bedroom offerings and the type of university appear to influence rental rates of the various housing types.
Impact of Off-Campus Housing on Student Academic Performance and School Loyalty
Published 2014
The conclusion from this research project is that living off campus in purpose-built student housing appears to have little to no negative impact on students’ academic engagement and performance (including grades), intent to graduate, level of participation in university clubs and activities, school loyalty or personal growth. What does affect these factors is a student’s year in school, that is, the progression from being a freshman to being a senior.
Key Data and Market Conditions Research
Featured Reports
2024 National Multifamily Industry Compensation Survey
2023 Student Housing Income & Expense Benchmarking Survey
Purchase the report to dive into the data!