• Nearly eighty-nine million Americans, almost one third of all Americans rent their housing.
• There are 17.3 million apartments in the U.S. (in properties with 5+ units). They house 16.5 million households, or more than 14 percent of all households.
• The value of the entire apartment stock (buildings with 5 or more units) is $2.2 trillion.
• Rental revenues from apartments total almost $120 billion annually, and management and operation of apartments are responsible for approximately 550,000 jobs.
• Construction of apartment communities in the last five years has added an average of 210,000 new apartment homes per year. The value of the new construction has averaged over these five years more than $32 billion annually, providing jobs to over 270,000 workers.
• Apartment living now attracts a wide variety of Americans, including households that could afford to buy, but prefer the convenience of renting. In fact, households making $50,000 or more a year make up a quarter of all apartment renters.
• The U.S. is on the cusp of fundamental change in our housing dynamics as changing demographics and housing preferences drive more people away from the typical suburban house. According to Professor Arthur C. Nelson, Presidential Professor and Director of Metropolitan Research at the University of Utah’s College of Architecture and Planning, to meet emerging housing demands, between now and 2020, half of all new homes built will have to be rental units.
For more quick facts, visit www.nmhc.org/goto/quickfacts .