U.S. Needs More than Four Million New Apartments by 2035

“Roughly 4.3 million new apartments will be necessary by 2035 to meet rising demand, according to research from the National Multifamily Housing Council (NMHC) and National Apartment Association.

Some 266,000 new units will be needed annually. Housing affordability has worsened over the past several years, according to the research. The number of affordable units, defined as those with rents less than $1,000 per month, declined by 4.7 million from 2015 to 2020.

Texas, Florida, and California account for 40% of future demand and will collectively require 1.5 million apartments by 2035."