50 largest multifamily housing owners by location
Shifting public opinion
58% Americans are pro real estate development compared to 49% y/y
40% support higher density apartments or taller buildings
46% say affordable housing is beneficial, up y/y from 32%
38% characterized their own communities as affordable
Americans prefer certain affordable housing sectors:
- 71% veterans
- 70% seniors
- 52% low-income
96.5% national occupancy is at a 20-year high
9.2% median rent rose 2021 Q1/Q2 (2-3% is average)
16% of full-time workers moved April 2021 y/y
Apartment searches up from pre-pandemic (Google Trends)
5% renter income up Q2 2021 due to work from home policies
+6.5% renter housing budgets are up q1/q2
20% of movers changed metros
30% of prospective movers expect to change metros
5.5 million more housing units needed to pace demand
Apartments are thought more stable with predictable income, making investors more accepting of lower yields. The decades-low imbalance in rental housing also portends well for future opportunity.
3X y/y growth CRE deal volume 14% increase over Q2 in 2015-2019
12% apartment prices jumped from 6.9% y/y/—2020 a record high
16% increase in total number of U.S. real estate funds—15% increase in capital targets
