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 National Apartment Association (NAA) research, the U.S. requires 4.6 million new apartments by 2030 to meet future housing needs. Smart infrastructure investment will be required to fund the many inputs of new housing construction, as well as counter the detrimental impact of adverse zoning policy.
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 opportunities, and promote housing affordability across the income spectrum.