The long-term outlook for apartments is also being bolstered by immigration, and Conine made several observations about this factor:
- Most immigrants who arrive in the U.S. are between the ages of 15 and 34, which are prime years for renter households.
- In some metro areas, households who have moved to the U.S. within the past eight years account for one-fifth of the multifamily rental market.
- In San Jose, more than 26% of the rental market is comprised of recent immigrants; that share in Dallas and Houston is about 14%.
NAHB is forecasting about 341,000 multifamily starts this year, down slightly from 2002. Declines on the market-rate rental side of the industry should produce some softening in production next year, he said, when starts are projected to total 320,000 units.
Market-rate units make up about half of the industry’s output; the remaining half of production is split fairly evenly between condos and subsidized units.
2004 NAHB Multifamily Pillars of the Industry Conference & Awards Gala
Plan to attend the Multifamily Pillars of the Industry Conference and Awards Gala, the premier educational and networking event of the year for the multifamily industry, in Palm Springs, CA, March 28-30. Explore both the current and future state of the multifamily industry. Click here for more information.
NAHB Multifamily Offers Three Multifamily Designations
NAHB Multifamily offers two designations for property management professionals. The Registered in Apartment Management (RAM) designation and the Advanced RAM designation provide superior training in the field. NAHB Multifamily also offers the Certified Leasing Professional (CLP) designation for those interested in sharpening their multifamily leasing and sales skills. Click here for more information.
Make Your Connection With www.nahb.org
Make your connection to the latest housing industry news and information with www.nahb.org — the official public and members-only Web site of NAHB.
Log in today to register for educational seminars, meetings and networking events; find important economic and housing data; and learn the latest developments in NAHB’s efforts to promote housing. It’s all available to you 24 hours a day at www.nahb.org. Just click the "Member Log In" button to get started.
If you are a member and need information about NAHB products and services, use the NAHB Staff Contact Directory to look up the direct telephone extensions for NAHB staff experts.
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