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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