September 28, 2018

Big jump in new apartments

Pew Trust -The number of new apartments in large multifamily buildings increased by 187,000 units in 2017, the largest bump since 1972, when the census started counting them.

The growth may reflect the fact that many young would-be homeowners are having a hard time affording houses in many markets, but it also might indicate that the millennial generation has retained its taste for urban living, even as the oldest members of that cohort reach their mid-30s.

In 2017, two-thirds of the new units went up in the South and the West, according to the census report. However, the one-year growth rate was highest in the Northeast, where units expanded by 46 percent, and the Midwest, at 50 percent. Units in large multifamily buildings grew by 4 percent in the South and by 11 percent in the West during the same period.


Anonymous said...

Are a large majority of these apartments affordable and rented? Or are they empty and owned by shell companies or people wanting to launder money, like many units in tRumps buildings?

Anonymous said...

And none of them are affordable by a retiree living on the social-security pension.