Multifamily Home Building on the Rise

Panelists during a press conference at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Las Vegas says strong demand for apartments will increase over the next several years. Says NAHB chief economist David Crowe, “The multifamily market has rebounded significantly from its trough in 2009 at 82,000 multifamily housing starts to 340,000 in 2013. NAHB is forecasting 363,000 multifamily housing starts in 2015, which is above the previous longer term average of 340,000 as more young adults prefer renting.” As has been informed, he says the strong demand for multifamily is due to three factors: First, production is catching up to the normal flow which was hampered during the housing bubble; second, the rising demographic of the echo boomers, born after 1980, will continue to grow in size; and third, young adults who normally might have chosen homeownership are hindered by tight lending standards, a slow employment market and lower entry salaries. Crowe adds, “The share of households that rent rather than own has increased steadily since 2004 and will likely continue until jobs are more secure, mortgages more accessible and careers more stable.”

(Photo credit:–new multifamily building)

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