April is National Apartment Housing Month, an expansion on 2017’s National Apartment Housing Day. With the enormous impact the multifamily industry has on the social and economic activity on the local, state and national level, we agree that a day just wasn’t enough.
The National Apartment Association (NAA) deemed April the month to celebrate the apartment housing industry, all it offers to communities, and the exciting current and future opportunities it offers to individuals as well. April is also a time to celebrate those who work in the industry through Residential Property Management (RPM) Careers Month.
Throughout the month, NAA is encouraging affiliates and industry-members to get involved in promoting the good that the industry does in the community and careers that it provides. Let’s take a look a look at the strong growth and influence this industry has on communities and the economy as a whole – and why Realync is so grateful to be a part of this incredible industry.
It’s one thing to claim multifamily communities have an impact on the economy – it’s another to show the facts. Apartment communities and their residents contribute $3.5 billion to the economy EACH DAY. That adds up to $1.3 trillion generated for the US economy each year. Along with that comes 12.3 million jobs in construction, operations, leasing, management and skilled trades, as well as all the local businesses supported by apartments and their residents.
And those numbers will only grow as demand for multifamily housing grows. Currently, those under thirty account for 50 percent of renters in the US. As this blog has covered before, the desirability of apartment living for the Millennial and the Gen Z population is only increasing, and they are only part of the puzzle. While they are the largest demographic groups in the U.S., and half the rental population, the aging baby boomers and an increase in empty nesters also play a major role in the increased demand for rental housing. Today there are 20.4 million apartments. By 2030, the country will see an increase in demand to the tune of an additional 4.6 million new multifamily residences.
That number won’t be easy to come by though. It will take the right public and private sector partnerships, technology, vendors, and, of course, RPM professionals.
“With one-third of Americans now renting their homes, there has never been a more exciting time to be a part of the apartment housing industry,” said Robert Pinnegar, CAE, President & CEO of the National Apartment Association. “An RPM career provides a great start for college students, grads, military members in transition and well-qualified candidates seeking a career change. Our industry also provides ample opportunities to give back to the community you live in as well. National Apartment Housing Month celebrates the best our industry has to offer.”
This massive demand for rental properties in desirable neighborhoods isn’t going to slow down. It creates a dynamic and exciting time for those in the industry to find ways to work together to make it happen. And for those who provide services to this industry? The sky’s the limit for those willing to pay attention and give the industry what it needs to succeed – particularly in terms of technology. In 1981, 22% of home buyers read newspaper ads to find a home and 8% used friends as an information source. Today, 44% look for properties online first. With this shift comes the widening breadth of what it means to be in the apartment industry and the subsequent economic impact it has.
The month of April also commemorates the 50th Anniversary of the Fair Housing Act. The Fair Housing Act protects people from discrimination when they are renting, buying, or securing financing for housing. The prohibitions specifically cover discrimination because of race, color, national origin, religion, sex, disability and the presence of children. All people deserve access to safe and affordable housing and while April is the official month to celebrate this monumental piece of legislation, it is policy to be recognized year-round.
There has never been a more exciting time than NOW to be a part of the apartment housing industry. Realync is proud to be a part of this growing and thriving industry, offering a video leasing & engagement platform connecting multifamily professionals with their prospective and current residents in new, innovative ways. This month, and every month, is a good one to celebrate this industry and all the people in it.
Until next time…keep it real!