There are 38 million residents renting apartments in America today, contributing $1.3 trillion annually to the U.S. economy.
The country could add as many as seven million additional renter households this decade.
Americans are beginning to place greater value on the concepts of walkability, urban revival, and work-life balance. The number of people searching for apartments in Las Vegas and Phoenix (just two of many examples) are growing at record-setting rates. This opens more people up to housing options beyond the traditional single-family house, which helps explain why almost 1.1 million households chose apartment living over the past four years.
The growth in apartment living translates into growth in the job industry — there are more than 12 million jobs in construction, operations, leasing, management, maintenance, and skilled trades. That means there is a huge demand for qualified people — in fact, the U.S. Department of Labor estimates 11,000 new property management jobs every year.
This video is with with Stephanie Puryear Helling, President of the National Apartment Association Education Institute and Senior Director, Operations and Real Estate Strategic Services at Greystar — the nation’s largest residential property management firm to talk more about this.
