Changing demographics, economic factors, and lifestyle preferences are spurring historic demand for apartment homes and uprooting the housing development patterns of the past 50 years. At the same time, research has consistently shown infrastructure to be underfunded, which has serious economic consequences. According to Hoyt Advisory Services, the U.S. requires 4.6 million new apartments by 2030 to meet future housing needs. Smart infrastructure investment will be required to facilitate new housing construction and fund the many inputs that support it.
As an Owner or Operator, How Does this Affect My Business?
A federal infrastructure package should recognize the relationship between housing demand and the reliable infrastructure needed to support the requisite level of growth. Major infrastructure investments promote efficiencies in transportation, land use, and public works that spur investment, ease regulatory barriers to construction, reduce costs for owners and operators, and support a healthy housing market. Such investments will relieve stress on the housing market, open up new development opportnities, and promote housing affordability across the income spectrum.