Today, Tuesday, April 5, is National Apartment Housing Day as proclaimed by the National Apartment Association. The day celebrates the importance, value, and positive impact that apartments have on America’s economy.
“With one-third of Americans now renting their homes, there has never been a more exciting time to be a part of the apartment housing industry,” said Doug Culkin, CAE, President & CEO of the National Apartment Association. “ It’s time to celebrate the new American Dream.”
Important facts to consider:
- Apartments and their residents contribute $1.3 trillion to the economy each year. That’s 12.3 million jobs in construction, operations, leasing, management and skilled trades along with all the local businesses supported by apartments and their residents.
- The American Dream is changing; more than one-third of Americans rent their homes. Of them, 42 percent—or 37 million people—lease apartments.
- Rental demand is increasing – More people are choosing to rent because it offers freedom, flexibility, proximity to work and a diverse set of options that fit their desired lifestyle and housing needs.
- When the housing market crashed in 2008, demand for apartments went up and hasn’t slowed down. In fact, with 77 million Baby Boomers who may consider downsizing and nearly 80 million Echo Boomers beginning to enter the housing market, Harvard University research suggests that up to 5 million new renter households will form this decade.
- Demand for apartments currently exceeds supply. The market requires at least 300,000 to 400,000 new apartments every year. Although construction is rising as the economy continues to improve, only 254,000 apartments were built in 2014.
Click here for more information about National Apartment Housing Day.
