Long-Term Outlook for Rental Apartments Remains Positive
Strong demand will continue over the next decade, according to a NMHC/NAA report.
Many of the markets where developers have been doubling down on building new apartment units are likely to have enough renters to fill those apartments over the next decade or so, according to the latest research commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA).
As the percentage of vacant apartments creeps upwards towards 5 percent on average across the country, many industry experts worry about overbuilding and potentially falling rents. But the overall demand for apartments is likely to solve many problems, including propping up occupancy rates even in some of the busiest markets for new construction.
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