The 2008 financial crisis stalled the building of new housing across the country. Now, the U.S. needs 4.3 million new apartment units by 2035 to keep up with demand.
Every year, 47,000 new apartment units will need to be built in Texas if the state wants to keep up with projected housing demands.If the U.S. wants to address housing demand, home shortages and the lack of affordability, 4.3 million more apartment units will need to be built by 2035, according to a new report. The shortage is largely due to a lack of building in the U.S. following the 2008 financial crisis.
Paula Munger, assistant vice president of industry research and analysis with the National Apartment Association, told the, “Once the financial crisis happened, [building] just really dipped, and it’s stayed pretty low, and it’s only really picked up for the past few years.” Locally, relaxing zoning requirements could be enough of an incentive to build more, Munger said. “Even relaxing parking requirements can incentivize a developer to move forward with a project,” Munger said. “We’ve done a lot of research, even outside of this, that shows clear correlation between markets that are overly regulated and affordability.”
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