Paula Munger, Director of Research & Analysis with the National Apartment Association (NAA) shares key statistics on demand for U.S. multifamily property as well as tips for improving demand. Highlights include:
- Certain markets certain sectors like luxury sector where starting to see overbuildings
- New study between NAA and NMHC (National Multifamily Housing Council) found there is a need for 4.6 million apartments across the country at all price points
- Miami ranks fourth in demand nationally
- Study indicates Miami needs for additional 185,000 units
- Increase in demand driven by demographic changes, ageing population, immigration, and deferral of marriage and children by millennials
- Builders are having challenges “penciling out” developments to due to land cost
- 51% of apartments in USA built before 1980
- Adding washers and dryers to units and common space can add an efficent way to add value to older apartments
- Tenants are willing to pay up for WiFi as an amenity
- Allowing pets is highly popular with tenants and a big revenue generator for owners
- In the past 10 years the highest growth of tenants has been with baby boomers over 50, but younger set still dominates