© 2024 Blue Ridge Public Radio
Blue Ridge Mountains banner background
Your source for information and inspiration in Western North Carolina.
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations
107.5 FM in Black Mountain is currently off air due to a power outage. Our team is working on a solution.

Report: NC Will Add 220K Apartments By 2030

The popular Skyhouse Apartments in Raleigh while still under construction.
James Willamor
/
Flickr
The popular Skyhouse Apartments in Raleigh while still under construction.
The popular Skyhouse Apartments in Raleigh while still under construction.
James Willamor
The popular Skyhouse Apartments in Raleigh while still under construction.

Apartment demand in Raleigh will grow at one of the fastest rates in the country, according to a new housing report.

In fact, the research estimates that apartment units will increase by 69 percent in the greater Raleigh area by 2030.

Statewide, North Carolina will need to add some 220,000 apartment units in the coming decade and a half. Compare that with a state like Wisconsin, for example, which will add a mere 49,000 apartment homes by 2030, or Maine, which will need only 4,000.

The report was based on research by Hoyt Advisory Services and commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA).

Apartments are becoming increasingly attractive, not only for Millennials, but for the older generations as well.

"We're experiencing fundamental shifts in our housing dynamics, as more people are moving away from buying houses and choosing apartments instead. More than 75 million people between 18 and 34 years old are entering the housing market, primarily as renters,” said Norm Miller, Principle at Hoyt Advisory Services and Professor of Real Estate at the University of San Diego. "But renting is not just for the younger generations anymore. Increasingly, Baby Boomers and other empty nesters are trading single-family houses for the convenience of rental apartments. In fact, more than half of the net increase in renter households over the past decade came from the 45-plus demographic."

The National Multfamily Housing Council attributes the need for more apartment units to delayed marriages, an aging population and international immigration. Nationwide, the group estimates the country will add 4.6 million apartment units by 2030, or more than 325,000 per year.

Projected apartment unit growth for North Carolina
NAA and NMHC
Projected apartment unit growth for North Carolina

Copyright 2017 North Carolina Public Radio

Jason deBruyn is the WUNC data reporter, a position he took in September, 2016.
Related Content