According to new research published by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA), the nation needs an estimated average of 586,000 total rental units per year, from all sources from now until 2030, are required to meet rental demand. According to the report, the 306,000 rental units added in the U.S. in 2015 were in fact the most since 1989, which trails projected demand by more than 200,000 units.
NMHC and NAA cite several reasons why rental demand is so high, including a decreased desire to own following the 2008 housing crisis, career mobility, development of luxury units, and older adults wishing to move into smaller, accessible rental units with amenities. In fact, Connecticut is one of only seven states where the number of renters over the age of 55 is greater than renters between the ages of 15 and 34.
In addition to the full report, NMHC and NAA launched an interactive webpage that allows users to select their state, metros, and districts in order to view a snapshot of apartment living in their community.
In Connecticut, there are 210,100 apartment homes with 352,100 apartment residents. It is estimated that Connecticut will need to add 25,000 new apartments by 2030 to meet demand. Further, the report points out that in addition to housing such large numbers of the state's residents, apartments provide a large economic advantage. An estimated $7.4 billion is contributed annually to the state's economy by apartments, and 66,600 jobs supported.
Click here to read the full report.
Connecticut data is located here.