Apartments Boom And Middle Housing Lags

Last week’s infographic illustrated America’s fastest growing housing markets based on data from this report.  That being said, Storagecafe says the U.S. housing market has been on a steady, albeit slow, growth trajectory over the past two decades with total inventory reaching 144 million housing units in 2023 – up 16.7% from 2005.  However, data show that even though homes continue are being built, housing supply still falls short of meeting demand, and prices keep rising.  Their recent report points out that housing stock has evolved differently across various types, with single family and middle housing under-performing while multifamily developments have boomed – stepping up to meet the pressing need for more living space.

Some key points:

• The national housing inventory rose by 16.7% from 2005 to 2023.
• The multifamily sector saw the most rapid growth, increasing by 54% nationwide.
• Apartment stock doubled or more in over 120 cities.
• Middle housing grew by just 11.3%, while single family homes increased by 16.7% during the same period.
• The South leads in housing inventory expansion, with over 30 of the top 50 cities for growth in the region — nearly half of which are in Texas.

Click here to read the full report at Storage Cafe.

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