Radix Hawk Real Estate

4.3 Million Apartments Needed in the US by 2035

By 2035, the US will need 4.3 million additional apartments to meet the demand for housing, according to a new study from the National Apartment Association and Multifamily Housing Council. This is a significant increase from the 1.5 million units that were needed in 2018, and it represents a loss of affordable housing options for millions of Americans. The study predicts that the majority of new units will be built in Florida, Texas, and California, which are already struggling to provide enough affordable housing for their residents.

The finding comes as apartment construction is expected to slow this year, due to rising interest rates and construction costs. NIMBY (Not In My Back Yard) also create challenges for Multi-Family Development, and attitudes over Multi-Family must change for the betterment of all communities in the USA. The lack of available housing is one of the biggest challenges facing America today, and the study provides more evidence that the problem is only getting worse. With the demand for housing continuing to increase, it is clear that something must be done to address this growing crisis.

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US Needs 4.3 Million More Apartments by 2035 as Loss of Affordable Units Grows, Industry Groups Say California, Florida and Texas Have the Most Need for New Rentals, Study Finds