2017 U.S. Apartment Construction at 20-Year High Might Not Be Enough to Meet National Demand
Annual new apartment completions have been steadily increasing since 2011 and are expected to reach over 346K new units this year, the highest level in 20 years, according to a new study by apartment search website RENTCafé. However, the National Multifamily Housing Council says we need to build more, estimating that as many as 4.6 million more new apartments are needed by 2030 to curb the demand for rentals, which would mean about 373K new units per year, on average.
Legendary investor Jim Rogers says Western Civilization is going to collapse.
Debt is higher than ever. Therefore, this crisis “will be worse than anything in our lifetime,” Rogers predicts. Governments, countries, and banks will fail, he says.
How should we prepare? “If you start investing in things you don’t know about, I assure you you’re going to have real problems when the situation goes bad, “ Rogers warns, “Stay with what you know.” He expects agriculture to do well going forward. In the short run, he in is bullish on the U.S. Dollar and bearish on precious metals. But in the long run, he sees confidence being eroded in the Dollar, and more movement into gold and silver.
Rogers expects governments to restrict the use of gold and silver when the crisis hits.
Stay tuned to hear what country Rogers thinks will dominate the 21st century – it’s not the United States…
In the context of consistent employment growth and the impact of the Millennial generation entering the housing market, the U.S. apartment market is currently one of the best performing sectors in the industry. Renting has gained tremendous ground in the post-recession years, and, with more and better rental housing options available, even Baby-Boomers are jumping ship, many giving up homeownership for the freedom and benefits of renting.
For more a detailed analysis and the complete list of apartment completions in 2017 in the top 100 U.S. metros, read RENTCafé’s 2017 Apartment Construction Report.