Where is Multifamily Construction Booming?

Key Highlights

• US needs roughly 328,000 new multifamily units annually through 2030, according to National Apartment Association
• Post-forbearance and eviction bans, people may look to multifamily units 

High Demand for Multifamily Units on Immediate Horizon

It may be wise for real estate investors, either first- timers or veterans, to look at multifamily properties.

According to the National Apartment Association, the US needs approximately 328,000 new multifamily units annually through 2030.

Additionally, expiring post-pandemic bans on foreclosures, forbearance and evictions may generate even more demand for multifamily units.  People need roofs over their heads regardless of their circumstances.

Metro Areas with Increasing Numbers of Multifamily Units

Multifamily construction lagged -12% in 2020 compared with 2019 due to the pandemic.  Some metro markets, however, are ramping up their multifamily construction now.

Take a look at the metro markets where multifamily construction is set to boom and housing costs aren’t overly inflated:

City                                   2021 Forecast for

Completed Properties

White Plains NY                             4,464

Louisville KY                                 4,484

Salt Lake City UT                          4,633

Northern New Jersey                     4,955

San Antonio TX                             4,960

Tampa-St. Petersburg FL                5,103

Nashville TN                                  5,457

Philadelphia PA                              6,071

Orlando FL                                    6,662

Charlotte NC                                 6,692

Twin Cities MN                               6,760

San Francisco CA                           7,166

New York City NY                           7,335

Chicago IL                                     7,797

Boston MA                                     8,449

Denver CO                                     8,653

Phoenix AZ                                   9,334

Seattle WA                                    9,816

Austin TX                                       10,301

Atlanta GA                                     10,939

Los Angeles CA                               11,296

Houston TX                                    11,500

Washington DC                               14,541

Miami FL                                        16,262

Dallas TX                                       22,909

While looking at these forecasted numbers, also look at areas currently attracting business relocations.  For example, Austin TX is flush with newly relocating companies that will need housing for its workforce,

Thanks to National Apartment Association and Millionacrees.

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