To meet demand, US needs 4.3M more apartments by 2035

#1

Post by jseliger » Thu, Aug 11, 2022, 9:17 PM UTC

To meet demand, US needs 4.3M more apartments by 2035
multifamilydive.com

Re: To meet demand, US needs 4.3M more apartments by 2035

#2

Post by missedthecue » Thu, Aug 11, 2022, 9:18 PM UTC

I feel like we need 4.3M new units just to catch up to where we should be.

https://i.imgur.com/2lZgEDz.jpg

Re: To meet demand, US needs 4.3M more apartments by 2035

#3

Post by toomuchtodo » Thu, Aug 11, 2022, 9:29 PM UTC

missedthecue wrote: post #2

I feel like we need 4.3M new units just to catch up to where we should be. https://i.imgur.com/2lZgEDz.jpg

Household formation is tricky. With total fertility rate continuing to decline, it’s important to shift away from singe family starts to higher density (duplex, quads, mid rise mixed use, and condo towers, depending on what the local market calls for); as older cohorts age out and Boomers transition into senior or assisted living, that’ll free up housing stock.

TLDR take the population pyramid into account, but still build baby build.

(disclosure: part time real estate investor/developer apprentice)

Re: To meet demand, US needs 4.3M more apartments by 2035

#4

Post by [deleted] » Thu, Aug 11, 2022, 9:33 PM UTC

[deleted]

Re: To meet demand, US needs 4.3M more apartments by 2035

#5

Post by gok » Thu, Aug 11, 2022, 9:34 PM UTC

Why don't we just allow non-conforming subprime home loans again?

Re: To meet demand, US needs 4.3M more apartments by 2035

#6

Post by bluedino » Thu, Aug 11, 2022, 9:37 PM UTC

We're in luck. There are 16 million abandoned homes in the US

https://www.lendingtree.com/home/mortgage/vacancy-rates-stud...

Easily takes care of the half a million people experiencing homelessness as well.

Re: To meet demand, US needs 4.3M more apartments by 2035

#7

Post by jlmorton » Thu, Aug 11, 2022, 9:38 PM UTC

missedthecue wrote: post #2

I feel like we need 4.3M new units just to catch up to where we should be. https://i.imgur.com/2lZgEDz.jpg

I'm not accusing you of anything, but that graph stops 3 years ago, and there have been some big changes since that time. [1]

[1] https://www.calculatedriskblog.com/2022/06/may-housing-start...

Re: To meet demand, US needs 4.3M more apartments by 2035

#8

Post by arbuge » Thu, Aug 11, 2022, 9:39 PM UTC

bluedino wrote: post #6

We're in luck. There are 16 million abandoned homes in the US https://www.lendingtree.com/home/mortgage/vacancy-rates-stud... Easily takes care of the half a million people experiencing homelessness as well.

Vacant != abandoned.

Right from the article you linked, 2nd parg:

"But this doesn’t mean millions of abandoned and dilapidated homes are withering away in the suburbs. Vacant homes can be unoccupied for many reasons beyond being uninhabitable. For example, a house can be vacant because it’s still on the market to be sold or rented or it’s a vacation home not currently in use."

Re: To meet demand, US needs 4.3M more apartments by 2035

#9

Post by kvetching » Thu, Aug 11, 2022, 9:42 PM UTC

Apartments are terrible for people. Why not talk about needs for homes? Why can't America make small 2 bedroom homes anymore as seen in 1950s suburbs. It's either a mansion or an apartment now for new housing.

Re: To meet demand, US needs 4.3M more apartments by 2035

#10

Post by kredd » Thu, Aug 11, 2022, 9:44 PM UTC

kvetching wrote: post #9

Apartments are terrible for people. Why not talk about needs for homes? Why can't America make small 2 bedroom homes anymore as seen in 1950s suburbs. It's either a mansion or an apartment now for new housing.

I am genuinely curious, why are they terrible for people? Grew up in one, and currently living in one as well (mind you, by choice), and know multiple families (with kids) living a relatively happy life in apartments.