This week’s roundup highlights cost-burdened renters, NMHC’s annual renter preferences report and multifamily construction patterns. First, Novogradac reports that the number of households headed by those age 65 and older that are cost-burdened has reached an all-time high of 10 million, with this age group lacking access to affordable housing options, according to a Harvard JCHS report. Next, NMHC releases its 2020 Apartment Resident Preferences Report, which reveals the top amenities renters want and their top concerns when searching for apartments. Arbor’s Chatter blog presents an overview how the multifamily market and U.S. economy are performing at this late stage of the current cycle. Then, RENTCafe takes a look at development activity for high-rise, mid-rise and low-rise multifamily buildings, noting that apartment buildings are getting taller and skyscrapers are making up a larger part of urban skylines. Finally, Redfin analyzes the economic impact of transit centers, finding that incomes and rents grew faster in neighborhoods offering transit access that connects to more economic and job opportunities.
Rate of Cost-Burdened in Older Age Group Reaches New High of 10 Million Households
Novogradac – November 14
“Homeowners still make up the majority of older American households, with 74 percent of those within the 50 to 64 group owning a home, and 78 percent of those 65 and over owning a home.”
NMHC & Kingsley Associates 2020 Apartment Resident Preferences Report
NMHC – November 12
“The report is the largest-ever collection of apartment resident insights, featuring input from nearly 373,000 renters living in 5,336 communities across the U.S.”
The State of the U.S. Economy and Multifamily Market Heading into 2020
Arbor Chatter – November 13
“As the longest expansion in U.S. history continues, real estate industry players are looking at the performance of the U.S. economy and the market’s fundamentals for clues as to the longevity of this cycle.”
High and Mid-Rise Apartment Buildings Are Overshadowing Low-Rises for the First Time in 3 Decades
RENTCafe – November 11
“With demand for apartments strong across the country, combined with the scarcity and value of land sharply increasing, developers in urban areas are looking upwards in their quest to providing a healthy supply of residential units.”
Income Gains and Rent Increases Follow Rail Transit
Redfin – November 12
“In general, the addition of transit seems to be a net positive for a neighborhood. Many of the neighborhoods that gained rail transit access were relatively diverse, and in the decades after the train stops opened there, they saw a stronger boost in incomes than other similar areas without transit, even while remaining diverse.”
