Key Highlights
- Urban Land Institute report indicates families need rental houses with 3+ bedrooms
- Families represent13.5M households or one-third of entire renter pool
The Urban Land Institute (ULI) just released a new report with a message directed to real estate developers – remember to build rental homes for families, not just multi-family and single-family rentals, that have family-friendly amenities and 3+ bedrooms.
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According to this latest report from the Urban Land Institute, “Families comprise one-third of the entire renter pool in the United States, where they represent more than 13.5M households. That figure is more than three times larger than the number of single millennial renters in the country, and it is greater than the populations of both New York City and Los Angeles, combined.”
The higher for-sale housing prices go in this decade, the stronger the need for affordable, family-oriented rentals. These families need single-family rental developments near schools, parks and family and services in both urban and suburban locations.
The ULI report indicates that the overwhelming focus on for-sale single-family housing is not compatible with today’s world. The report explained, “In the US, more than half (58%) of divorced, widowed, separate and unmarried families live in rental housing, compared with just over a quarter (26%) of all married families. Additionally, 58% of renter households make under $50,000/year and are unlikely to be able to afford to buy a home any time soon, if at all.
The Urban Land Institute report subliminally encourages developers to expand their housing offerings to include family-friendly rental homes that have three to five bedrooms as families and multiple generations of families choose to live together.
The ULI report states, “Similar to demographic and financial trends, housing preferences are shifting in a way that is supportive of family-oriented rental development. Together, declining homeowner rates and rising housing costs are spurring a need for new and interesting forms of rental housing targeted toward a broader range of households.”
To go along with recommendations in this latest report, the ULI encourages revisions of “outdated zoning regulations” such as entitlement, zoning and other restrictions, to enable incentives for developers who choose to build affordable, family-oriented rental housing.
Thanks to Inman’s Marian McPherson.
Also read: Does Rental Housing Need a Payroll Protection Program?, 14th Consecutive Week Unemployment Claims Top 1M, Podcast: How-To Future Proof Your Business, Mindset and Money | Tim and Julie Harris
