We need to build housing urgently, and that includes all types: rentals, single-family homes, affordable and market-rate. The need is monumental, and the time to act is now. However, in our rush to address the housing crisis, we’re overlooking a crucial question: Are we building the right kind of homes for the future?
In 2024, rental construction is outpacing homeownership development at a staggering rate. Why? Rising mortgage and construction costs are putting homeownership further out of reach for many, making renting the more affordable option. Over the past year, the U.S. added 855,000 renter households, while multifamily construction reached its fastest pace since 1994, with 563,000 new units annually. Meanwhile, homeownership growth has slowed to its lowest rate since 2019.
Source: Let’s Build the Right Kind of Housing – Multi-Housing News
