November 5, 2024 6:38 am
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New apartments not cresting: 5M new units need built, 12M need renovated

By Mike Sunnucks | Phoenix Business Journal

The U.S. needs 4.6 million new apartments by 2030 and Arizona needs 236,000 new units in order to keep up with demand from millennials, empty nesters and other tenants.

That is according to a new report by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA).

The multifamily industry groups also said there an estimated 11.6 million apartment units nationally in need of renovations to stay competitive and marketable.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.