By 2030, the nation will need about 4.6 million new apartments to meet demand and keep prices in check, according to the National Multifamily Housing Council. To reach that number, about 373,000 new units, on average, will be needed each year.The nation is getting closer to meeting the growing demands from renters. Apartment construction is at a 20-year high, according to data from RentCafe and Yardi Matrix.Apartment completions are expected to t
The availability of building materials, particularly framing lumber, is rising on the list of concerns among home builders, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index. Twenty-one percent of single-family builders reported a shortage of framing lumber.“It is certainly concerning that we have seen such a large jump in reported framing lumber shortages in a relatively short period of time,” say
The long-term trend of larger homes will persist in the building industry and will likely have big consequences on housing affordability, according to Robert Dietz, the chief economist of the National Association of Home Builders.“Rising regulatory costs, increasing labor and land costs, and a tighter financing environment encouraged builders to shift to the higher end of the market in greater numbers,” Dietz notes in a recent column at BUILD
Buyers eyeing newly constructed homes may need to brace for building delays and higher prices due to an ongoing labor shortage. About two-thirds of homebuilding contractors say they’re struggling to finish projects on time because of the labor shortage, according to a new survey sponsored by USG Corp. and the U.S. Chamber of Commerce. More than one-third say they sometimes have to turn projects down.“Basically, they’re just making people wo
More than 10 percent of new single-family homes that began construction in 2016 were part of a teardown project, according to new data from the National Association of Home Builders. That’s up from 7.7 percent in 2015. NAHB defines a teardown as a home that is built on a site where a previous structure existed. Nationwide, there were 79,300 single-family teardowns started in 2016, up from 55,200 in 2015, NAHB estimates.Builders continue to
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Builders from across the country are teaming up this week for Habitat for Humanity’s Home Builders Blitz, an annual event where builders work on repairing or constructing homes for those in need. Hundreds of builders across 32 cities within 17 states are participating this year to deliver more affordable homes in their area during the week, BUILDER online reports.Habitat, partnering with Ply Gem, teamed with local builders, manufacturers, and
Investment companies are betting big that the rental boom will continue, which is why they’re still snatching up properties even as foreclosures dry up.Following the financial crisis, investors purchased foreclosures on the cheap and then rented these single-family homes out for profit. It’s a move that worked for several years, but now there are fewer foreclosures to buy, home prices are on the rise, and there’s fewer homes overall on th
Sales of newly built single-family homes plunged 11.4 percent in April to a seasonally adjusted annual rate of 569,000 units, the first time such sales have decreased this year, the Commerce Department reported this week. Still, builders are writing off the dip as a minor setback, instead focusing on the bigger picture."Despite some slowness this month, total new-home sales in 2017 are up more than 11 percent from this time last year, and builder
In the first quarter of 2017, new single-family homes continued the trend of decreasing in size, the National Association of Home Builders reports on its Eye on Housing blog.Builders have largely focused on the higher end of the market following the recession, but that is showing some signs of changing.“As the entry-level market expands, including growth for townhomes, typical new home size is expected to decline,” notes Robert Dietz, the NAH
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