Industry Facts
The number of apartment residents has nearly doubled in the last 25 years, and the economy is the main reason for this increase. The types of households living in apartments are also changing. Of apartments in the United States, 75 percent are home to couples and those who live alone. Increasingly, the apartment community has become the extended neighborhood for more and more Americans.
"Apartment Living In America," 1996 study by the
National Multi Housing Council and National Apartment Association
Approximately 32 percent of households today are rented versus owned, and 43 percent of these renters are currently renting apartment units housing five or more people.
Population Survey, 2007 Annual Social and Economic
Supplement, U.S. Census Bureau
Apartment communities use land more efficiently and help prevent sprawl. In cities where multi-family properties account for 30 percent to 50 percent of all housing, apartments use only 3 percent to 5 percent of the land.
"Apartment Living In America," 1996 study by the
National Multi Housing Council and National Apartment Association
'Lifestyle' renters, individuals and families who can afford to buy a house, are increasingly choosing to live in apartments. One-in-ten apartment renters makes more than $50,000 annually. Apartments also continue to provide affordable housing. Those making less than $10,000 annually account for 28 percent of apartment renters.
"Apartment Living In America," 1996 study by the
National Multi Housing Council and National Apartment Association
Singles and couples account for 70 percent of apartment residents, which makes social interaction important to the new wave of apartment renters. Also, 30 percent of all apartments are occupied by someone older than 50, and 18 percent of occupants are older than 65.
Randolph G. Hawthorne, chairman of the National Multi Housing Council's Board of Directors
In the last 10 years, rent at apartment residences in the United States has stayed within one to two percentage points of the consumer price index. Renting also provides renters flexibility, as opposed to locking into the local housing market.
"Apartment Living In America," 1996 study by the
National Multi Housing Council and National Apartment Association
The number of renter households increased by 1.2 million from 2004 to 2006, which more than made up for the decrease between 2002 and 2004.
"State of the Nation's Housing," 2007 report by Harvard's Joint Center for Housing Studies
In recent years, apartment properties have become a preferred investment for institutional investors like pension funds. In the past three years alone, billions of new investment dollars have been channeled into the apartment sector by these and other institutional investors. This new class of apartment investors is made up of long-term owners with long-term ownership objectives. These capital-rich entities have the resources to maintain and constantly improve their investments.
"Apartment Living In America," 1996 study by
National Multi Housing Council and National Apartment Association