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Study: US needs to build more apartments to meet demand

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The U.S. will need to build 4.6 million new apartment homes in all price points by 2030, according to a new report commissioned by the National Multifamily Housing Council and the National Apartment Association. Currently there are 39 million people living in apartments and the industry is fast approaching being over capacity, the report states. The news augurs well for the construction industry, as a minimum of 325,000 new apartment homes need to be built per year to meet demand, according to the study. From 2012 to 2016 only 244,000 apartments were delivered. [Globe Street]