- 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
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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