{"id":5362,"date":"2013-02-13T13:55:23","date_gmt":"2013-02-13T21:55:23","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=5362"},"modified":"2021-02-03T16:25:46","modified_gmt":"2021-02-04T00:25:46","slug":"apartments-impact","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/apartments-impact\/","title":{"rendered":"Apartments\u2019 Impact"},"content":{"rendered":"<p><a href=\"http:\/\/www.yardi.com\/blog\/news\/apartments-impact\/5362.html\/attachment\/new-york\" rel=\"attachment wp-att-5363\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-5363\" title=\"New York\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/02\/Fotolia_34573185_Subscription_XXL-300x278.jpg\" alt=\"\" width=\"300\" height=\"278\" \/><\/a>The results of a study published Tuesday, jointly funded by the National Apartment Association and National Multi-Housing Council, offer one of the most comprehensive looks to date at the size and scope of the nation\u2019s <a title=\"Multifamily industry\" href=\"http:\/\/weareapartments.org\/sites\/default\/files\/FullerReportFinal.pdf\" target=\"_blank\" rel=\"noopener\">multifamily industry<\/a>, and the economic impact of its 35 million residents. The survey was conducted by Stephen S. Fuller, Ph.D., George Mason University Center for Regional Analysis.<\/p>\n<p>The numbers are impressive, illuminating how many residual benefits can be attributed to apartment renting. The findings in the study are validation of the construction and development patterns observed by <a title=\"Walkable urbanism\" href=\"http:\/\/www.yardi.com\/blog\/news\/walkable-urbanism\/5095.html\" target=\"_blank\" rel=\"noopener\">walkable urbanism<\/a> researcher Chris Leinberger. Renters want urban apartments with services and amenities within easy reach. \u00a0As he told us last week: \u201cAny list of walkable metro areas that are doing well is also the list of best performing real estate markets.\u201d<\/p>\n<p>The survey looks at major metros Atlanta, Boston, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/us\/il\/chicago\/\" target=\"_blank\" rel=\"noopener\">Chicago<\/a>, Dallas, Denver, Houston, Los Angeles, Miami, New York, Philadelphia, Seattle and Washington, D.C.\u00a0 in detail as to how apartments contribute to their economies. To see state-by-state breakdowns on the number of apartment residents, apartment homes, jobs supported and contribution to statewide economy, visit the <a title=\"Apartments: We Live Here\" href=\"http:\/\/www.weareapartments.org\/\" target=\"_blank\" rel=\"noopener\">Apartments: We Live Here<\/a> interactive infographic.<\/p>\n<p>Though new construction gets a lot of attention, especially post-recession, don\u2019t overlook the economic boost provided by ongoing maintenance of existing apartment homes. According to Fuller: \u201cOften overlooked as an economic contributor, the industry spent $68 billion operating and maintaining the nation\u2019s 19.3 million apartment homes in 2011 alone. That\u2019s 4.5 times the amount spent on multifamily construction,\u201d he wrote. And as more apartment communities are constructed to meet growing renter demands, those numbers are only going up.<\/p>\n<p>Here\u2019s a quick look at some of the highlights from the study.<\/p>\n<p>Today:<\/p>\n<ul>\n<li>34.6 million: number of apartment residents in the United States<\/li>\n<li>19.3 million: number of apartment homes in the United States<\/li>\n<li>$1.1 trillion: total contribution by apartment renters to the national economy<\/li>\n<li>25.4 million: number of jobs supported by apartment operations, new construction, and resident spending<\/li>\n<li>$628.5 billion: disposable income at the discretion of apartment renters<\/li>\n<li>$421.5 billion: spending by apartment renters on goods and services in 2011<\/li>\n<li>$182.6 billion: \u00a0economic impact of ongoing apartment operations<\/li>\n<\/ul>\n<p>Looking forward:<\/p>\n<ul>\n<li>7 million: estimated new renter households that could be created this decade<a href=\"http:\/\/www.yardi.com\/blog\/news\/apartments-impact\/5362.html\/attachment\/row-of-apartment-buildings\" rel=\"attachment wp-att-5364\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-5364 alignright\" style=\"margin: 10px;\" title=\"row of apartment buildings\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/02\/Fotolia_24752087_Subscription_XL-300x188.jpg\" alt=\"Apartments with American flags\" width=\"300\" height=\"188\" \/><\/a><\/li>\n<\/ul>\n<ul>\n<li>67 million: the number of adults between age 20-34, a demographic most likely to rent, in the U.S. in two years<\/li>\n<li>86 percent: Household growth anticipated between 2000 and 2040 without children, typically indicating higher levels of discretionary spending ability<\/li>\n<li>300,000: new units that must to be built per year to meet rental demand and replacement needs<\/li>\n<\/ul>\n<p>The data quantifies what most apartment industry insiders already know \u2013 apartment living not only provides a sustainable lifestyle for residents, but for investors and property management firms, too. The vast power of renters to impact their local and national economies is an excellent reminder to consider the multifamily nation as a powerful and vital consumer force.<\/p>\n<p>\u201cEven in one of the worst economic climates we\u2019ve ever seen, the multifamily industry and its 35 million residents contributed more than $1 trillion to the economy,\u201d said NMHC Chairman Thomas S. Bozzuto, CEO, The Bozzuto Group, in a press release. \u201cWith up to seven million new renter households forming this decade\u2014almost half of all new households\u2014the dollars and jobs we add to the economy will only grow in magnitude.\u201d<\/p>\n<p>What do the survey results mean for your business?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The results of a study published Tuesday, jointly funded by the National Apartment Association and National Multi-Housing Council, offer one of the most comprehensive looks to date at the size and scope of the nation\u2019s multifamily industry, and the economic impact of its 35 million residents. The survey was conducted by Stephen S. Fuller, Ph.D., [&hellip;]<\/p>\n","protected":false},"author":413,"featured_media":5363,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[221,397,29,44,398,137],"class_list":["post-5362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-apartment-renting","tag-economic-impact","tag-multifamily","tag-naa","tag-nmhc","tag-renters"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"The results of a study published Tuesday, jointly funded by the National Apartment Association and National Multi-Housing Council, offer one of the most\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apartments\u2019 Impact\" \/>\n<meta property=\"og:description\" content=\"The results of a study published Tuesday, jointly funded by the National Apartment Association and National Multi-Housing Council, offer one of the most\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/apartments-impact\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-13T21:55:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-04T00:25:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/02\/Fotolia_34573185_Subscription_XXL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"604\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Leah Etling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Leah Etling\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/apartments-impact\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/apartments-impact\/\",\"name\":\"Apartments\u2019 Impact - 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