Multifamily housing is filling a yawning gap for the masses of potential homebuyers that can’t find supply. Over 15 million new households formed from 2012 to 2022, including more than 2 million last year alone, but only 8.5 million homes were completed during that span. Where are those 6.5 million households setting up? In apartments, which reduced that gap to 2.3 million homes. Even with the barrage of new multifamily units, it’s not enough to keep up with demand. The takeaway: Oversupply shouldn’t be a concern anytime soon.
Source: https://www.globest.com/2023/03/08/multifamily-keeps-benefiting-from-hurting-housing-supply/
