|The National Apartment Association (NAA) welcomes the release of the Harvard Joint Center for Housing Studies’ annual “State of the Nation’s Housing Report.” The report’s findings confirm what NAA has long warned: A shortage of housing and a surplus of demand are driving affordability out of reach for Americans across the country.
The report reaffirms that demographic trends should support strong rental housing demand. The Joint Center estimates that renter household growth will total 4.2 million by 2028 if homeownership rates remain near their current levels.
“This report details broad advances in the apartment industry’s mission to tackle the housing affordability crisis while simultaneously illustrating just how far we all have yet to go to succeed,” said NAA President and CEO Robert Pinnegar, CAE. “The finding that numbers of high-income renters continue to rise confirms what we have been observing operationally: that apartment living continues to grow in popularity and desirability as a housing choice, rather than necessity.”
“The apartment industry must, however, have the ability to build housing at a broad range of price points to meet the diverse economic spectrum of housing demand growing quickly all over America,” said Pinnegar, “To achieve that future, the public and private sectors must work closely together at every level of government to remove barriers to apartment construction. These barriers persist in many parts of our country, as recent NAA research has confirmed.”
The 2019 State of the Nation's Housing report clearly shows that housing production still falls short of what is needed, which is keeping pressure on home prices and rents and eroding affordability. While demographic trends alone should support a vibrant housing market during the coming decade, realizing this potential depends heavily on whether the market can provide a broader range of housing options at all price points for tomorrow’s households.
“We are also encouraged by the Center’s position concerning the role that public-private partnerships need to play in providing rental housing. Policymakers and housing providers and operators working more closely together can make a powerful impact as we chip away at the affordability problems we are seeing across the nation.”
NAA remains committed to working with stakeholders involved at all levels of government and in the industry to help develop and unleash the ability of the apartment industry to meet this burgeoning demand for apartment housing in America.
The National Apartment Association (NAA) serves as the leading voice and preeminent resource through advocacy, education and collaboration on behalf of the rental housing industry. As a federation of more than 150 affiliates, NAA encompasses over 82,000 members representing more than 9.7 million apartment homes globally. NAA believes that rental housing is a valuable partner in every community that emphasizes integrity, accountability, collaboration, community responsibility, inclusivity and innovation. To learn more, visit www.naahq.org.