There are more than 38 million Americans living in apartments. The multifamily sector continues to drive America’s housing construction, and contributes more than $1 trillion annually to the country’s economy through financing, development, and operations of apartment complexes.
But available data about this sector and its residents continue to be sparse, given the size of this market and its growth.
To fill “critical voids” in that data, the National Multifamily Housing Council has raised $2.25 million in cash commitments from some of the biggest companies in this sector for the launch of a nonprofit NMHC Research Foundation that would fund unique and original research on such topics as housing, demographics, tax policy, regulations, zoning, and land use.
“As the multifamily industry grows in sophistication, so must the quality and breadth of our analysis,” says Doug Bibby, NMHC’s President and CEO. “The NMHC Research Foundation ensures that we’re able to continue providing leading, actionable information for the apartment market and support our member businesses.”
The Foundation, a 501(c)(3) entity, is guided by a board of directors comprised of Bibby; Kenny Emson, NMHC’s Senior Vice President of Finance Administration; and Mark Obrinsky, Senior Vice President for Research and Chief Economist. A Board of Advisors will provide input into the Foundation’s program of research.
It is not immediately clear how the research conducted and published by the Foundation will overlap or add to research that NMHC already churns out in such forms as its quarterly report of apartment market conditions, or various newsletters and reports that have recently touched on such subjects as the single-family rental market and aging apartment stock.
The NMHC research is generally members-only content.
Jim Lapidis, NMHC’s Vice President of Strategic Communications, tells BD+C that the Foundation is being layered into NMHC’s operations. “We do not anticipate hiring anyone specifically for the Foundation. We will be relying on a group of industry experts to volunteer their time and energy to review and award research grants,” he says.
It appears the Foundation’s research will be deeper dives into different topics, such as:
•Assessing risk-adjusted returns on apartments compared to other real estate and non real estate assets returns on apartments compared to other real estate and non real estate assets;
•Analyzing costs, challenges, and effects of inclusionary zoning policies;
•Studying energy consumption in multifamily buildings, with an eye toward providing guidance for energy efficiencies;
•Reviewing the norms of parking ratios in new developments;
•Examining the age of apartment stock and the cost of rehabilitation; and
•Exploring consumer needs and business viability of longer-term leases geared toward older and/or retired households.
Companies that have made early funding commitments to the Foundation include founding partners RealPage (a $1 million pledge) and Weidner Apartment Homes ($500,000). Each will pay out over a three-year period, and RealPage is availing Foundation with access to its databases and analytic capabilities.
“RealPage is excited to partner with NMHC to enhance the industry’s intelligence,” says Steve Winn, its Chairman and CEO.
NMHC identifies a total of 32 “early” contributors, comprising a veritable who’s who of developers, owners, and property managers in the multifamily space. They include Marcus & Millichap, Trammell Crow, Mill Creek Residential, UDR, Bozzuto Group, Pinnacle, SARES REGIS Group, Waterton, and Essex Property Trust.
Related Stories
| Oct 27, 2014
Studio Gang Architects designs residential tower with exoskeleton-like exterior for Miami
Jeanne Gang's design reinvents the Florida room with shaded, asymmetrical balconies.
| Oct 21, 2014
Passive House concept gains momentum in apartment design
Passive House, an ultra-efficient building standard that originated in Germany, has been used for single-family homes since its inception in 1990. Only recently has the concept made its way into the U.S. commercial buildings market.
| Oct 21, 2014
Perkins Eastman white paper explores state of the senior living industry in the Carolinas
Among the experts interviewed for the white paper, there was a general consensus that the model for continuing-care retirement communities is changing, driven by both the changing consumers and more prevalent global interest on the effects of aging.
| Oct 16, 2014
Perkins+Will white paper examines alternatives to flame retardant building materials
The white paper includes a list of 193 flame retardants, including 29 discovered in building and household products, 50 found in the indoor environment, and 33 in human blood, milk, and tissues.
| Oct 15, 2014
Harvard launches ‘design-centric’ center for green buildings and cities
The impetus behind Harvard's Center for Green Buildings and Cities is what the design school’s dean, Mohsen Mostafavi, describes as a “rapidly urbanizing global economy,” in which cities are building new structures “on a massive scale.”
| Oct 15, 2014
Final touches make 432 Park Avenue tower second tallest in New York City
Concrete has been poured for the final floors of the residential high-rise at 432 Park Avenue in New York City, making it the city’s second-tallest building and the tallest residential tower in the Western Hemisphere.
| Oct 14, 2014
Richard Meier unveils design for his first tower in Taiwan
Taiwan will soon have its first Richard Meier building, a 535-foot apartment tower in Taichung City, the country’s third-largest city.
| Oct 12, 2014
AIA 2030 commitment: Five years on, are we any closer to net-zero?
This year marks the fifth anniversary of the American Institute of Architects’ effort to have architecture firms voluntarily pledge net-zero energy design for all their buildings by 2030.
| Oct 7, 2014
Analysis: Student loans will cost housing industry $83 billion in 2014
More than 410,000 single- and multifamily home sales will be lost in 2014 due to student loan debt, according to analysis by John Burns Real Estate Consulting.
| Oct 7, 2014
Economic gains are rallying rents in Raleigh, N.C.
The greater Raleigh, N.C., market appears to be getting back on its feet again, which is good news for rental property owners.