Ever-Rising Tide: 10 Takeaways From The State of the Nation’s Housing 2015

Homeownership fell for the eighth straight year in 2014, while a surge in rental demand drove prices up and vacancies down.

1 MIN READ
By
  • 900,000
    The average annual renter household growth between 2010 and 2014.
    4.6%
    The national vacancy rate for professionally managed apartments in 2014.
    Households in the highest income quartile accounted for 1 in 3 new renters from 2011 to 2014.
    Individuals under 30 are projected to form 20 million new households over the next 10 years, a majority of which will be renters.
    $1,290
    The median rent for newly constructed units in 2013.
    3.2%
    The increase in rents in 2014 as a result of low vacancies.
    Households ages 45 to 64 account for twice the share of renter growth as households under 35.
    Homeownership is at its lowest rate in almost 20 years, falling from 64.5% last year to 63.7% in the first quarter of 2015.
    360,000
    The number of multifamily starts in 2014—90% of which were intended for rentals, the highest number of rental starts since 1987.
    Chicago, Houston, and Phoenix were the leading metros for construction growth last year, with permitting of 50% more units than in 2013.


    Source for all stats: Harvard Joint Center for Housing Studies, The State of the Nation’s Housing 2015, www.jchs.harvard.edu. All rights reserved.

  • 900,000
    The average annual renter household growth between 2010 and 2014.
    4.6%
    The national vacancy rate for professionally managed apartments in 2014.
    Households in the highest income quartile accounted for 1 in 3 new renters from 2011 to 2014.
    Individuals under 30 are projected to form 20 million new households over the next 10 years, a majority of which will be renters.
    $1,290
    The median rent for newly constructed units in 2013.
    3.2%
    The increase in rents in 2014 as a result of low vacancies.
    Households ages 45 to 64 account for twice the share of renter growth as households under 35.
    Homeownership is at its lowest rate in almost 20 years, falling from 64.5% last year to 63.7% in the first quarter of 2015.
    360,000
    The number of multifamily starts in 2014—90% of which were intended for rentals, the highest number of rental starts since 1987.
    Chicago, Houston, and Phoenix were the leading metros for construction growth last year, with permitting of 50% more units than in 2013.


    Source for all stats: Harvard Joint Center for Housing Studies, The State of the Nation’s Housing 2015, www.jchs.harvard.edu. All rights reserved.

    • About the Author

    Lauren Shanesy

    Lauren is a former senior associate editor for Hanley Wood's residential construction group.

    Related Topics

    No recommended contents to display.