Multifamily Housing Fast Facts*

State of the Industry

Renter Occupied Households make up 37% of the US total
There are 21 Million Rental Units : Highly Fragmented (NMHC)
Completions of multifamily units reached 400,000, and forecast steady (NAHB)
Value-add investment (renovation and repositioning) continues to thrive
Multifamily remains favored asset class for institutional investment
Affordable housing is also become a favorite among institutional investors with ESG initiatives and political tailwinds.

Capital improvements specified by property owners/management 90% of the time**
Product specification in new construction is handled by developers 76% of the time**
Decisions are often made by teams: developer, owner, property management

Strong underlying demand - through 2030 multifamily we need to build 350k units per year to keep up.
Freddie Mac Multifamily Report July 2022:
- Performance Continues to Excel in the First Half of 2022
- The strength of the rental market since the end of 2020 has been remarkable, with more markets seeing higher rent growth in the past 18 months compared with the five years leading up to the pandemic. Since January 2021, every market experienced rent growth of at least 10%, while roughly two-thirds of markets saw rent growth of 20% or more. Markets in Florida and the Sun Belt region have generally performed the best, while markets in the Northeast and Midwest have lagged but still saw rent growth in excess of 10% over the past 18 months