Sep 01, 2017 - 0 Comments - Multifamily Property -

Video: NAA’s Director of Research & Analysis Paula Munger Discusses Multifamily Demand

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
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