NAA Releases Statement on Harvard University Study
ARLINGTON, VA - Following is a statement from Robert Pinnegar, CAE, President and CEO of National Apartment Association, on Harvard University's Joint Center for Housing Studies Report: The State of the Nation’s Housing 2017:
Renter households grew for the 12th consecutive year with nearly 10 million added since 2005. In addition to young people, who remain a key factor, families with children, high-income households and older adults are driving demand. This confirms what NAA research has repeatedly found, and that is demand for apartments remains strong, even though the pace of growth is moderating.
Harvard’s Housing Studies Report also complements a recent study by Hoyt Advisory Services, commissioned by NAA and the National Multifamily Housing Council (NMHC), namely that the U.S. will need 4.6 million new apartment homes (in properties with 5 or more units) by 2030 just to keep up with demand. The forecast from the Joint Center calls for 4.7 million new rental households by 2025, which includes all sizes of rental properties and assumes a fairly stable homeownership rate.
National Apartment Association (NAA), America’s leading voice for the apartment housing industry, provides its members with the best range of strategic, educational, operational, networking and advocacy resources they need to learn, to lead and to succeed. As a federation of nearly 170 state and local affiliates, NAA encompasses over 72,000 members representing more than 8.8 million apartment homes throughout the United States and Canada. NAA’s purpose is to enable every single one of its members to fulfill his or her professional goals with great competence, speed and the highest standards of ethics. NAA is A Trusted Partner, A Valued Connector, A Powerful Advocate, and A Marketing Leader to serve areas in the apartment housing industry. NAA thanks its strategic partners The Home Depot, RealPage Inc., and Yardi. To learn more, visit www.naahq.org.