"Affordability will continue to be a substantial housing challenge
Apartment affordability has become slightly worse during the past five years despite lower interest rates and the passage of laws designed to ease affordability. Affordability has been further exacerbated by a loss of 4.7 million affordable rental units priced under $1,000 per month between 2015 and 2020.
Demand for apartments will be strongest in Texas, Florida and California
These three states will be responsible for 40% of the demand. A total of 1.5 million new apartments will be needed through 2035. The lowest ranking states for apartment demand include Alaska, Illinois, Connecticut, New York, Mississippi, Ohio, West Virginia, Louisiana and New Jersey."
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