Multifamily & Senior Living

US housing prices have increased much more rapidly than inflation or wages since 2020, exacerbating an already affordability-challenged market for first time buyers. Rents have also increased nationally as the Millennial and Gen Z generations have graduated into adulthood in their prime rental and home buying years, although the recent apartment supply boom has alleviated some pricing pressures, especially in the high growth markets of the south.

It is not controversial to state that housing production has not kept pace with family formation or population growth since the Great Financial Crisis of the late 2000’s, but estimates vary widely with respect to size and scale of the actual deficit. Excess housing and apartment construction in the wake of the pandemic has led to oversupply in many southern growth cities, while mature coastal markets continue to grapple with chronic NIMBYism and supply constraints.

This section explores the U.S. housing shortage from a national and regional point of view, providing historical and numerical context around the unique moment in US housing history in which we currently reside.