To meet U.S. demand for multifamily housing, the industry needs to build about 328,000 units a year, which has only occurred twice since 1989, Sarah Yaussi, a spokesperson for the National Multifamily Housing Council (NMHC), told Construction Dive.
Housing experts say millennials are taking longer than previous generations to marry and are continuing to live with roommates in rental housing. Meanwhile, retirees downsizing from their single-family homes to more manageable spaces and Gen Z adults are just beginning to join the ranks of renters.
