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MULTIFAMILY DEMAND IN URBAN AREAS TO INCREASE.

Population trends and public policy initiatives are converging to generate major opportunities for new urban-style multifamily communities, according to new research commissioned by the National Multi Housing Council. Using Census Bureau data, the research concludes that the already strong consumer demand for upscale, higher-density housing is likely to expand in the future.

The rapid increase in the number and percentage of childless households will drive this new demand. Fueled by the aging of the baby boomers into their late 40s and 50s, the total increase in childless households will account for all of the net increase in households over the period from 1995 to 2010. Evidence suggests that a significant portion of these empty-nester households will opt for high-density housing within walking distance of shopping, employment, and entertainment. Along with the shifts in household composition, public policy shifts away from sprawl and toward "smart growth" will further encourage the construction of multifamily housing. Especially evident in state and local policy, these smart growth initiatives seek to limit outward extension of development and encourage higher-density development within already developed areas. The research also identifies several significant constraints to meeting the expected demand. The report, "Opportunity and Challenge: Multifamily Housing in Mixed Use Activity Centers," is authored by veteran urban analyst J. Thomas Black and is available by calling 202/974-2354.
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Comment:MULTIFAMILY DEMAND IN URBAN AREAS TO INCREASE.
Publication:Units
Geographic Code:1USA
Date:Jan 1, 1999
Words:219
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