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
Multifamily Housing | Nov 7, 2019
Multifamily construction market remains strong heading into 2020
Fewer than one in 10 AEC firms doing multifamily work reported a decrease in proposal activity in Q3 2019, according to a PSMJ report.
| Nov 6, 2019
Solomon Cordwell Buenz opens Seattle office, headed by Nolan Sit
National design firm brings residential high-rise expertise to the Pacific Northwest
| Nov 6, 2019
Passive House senior high-rise uses structural thermal breaks to insulate steel penetrations
Built to International Passive House standards, the Corona Senior Residence in Queens, N.Y., prevents thermal bridging between interior and exterior steel structures by insulating canopies and rooftop supports where they penetrate the building envelope.
Multifamily Housing | Nov 5, 2019
The Collective Paper Factory is the co-living company’s first U.S. location
The building offers a stay model ranging from one night to 29 days.
Multifamily Housing | Nov 4, 2019
A historic ice cream factory now provides Milwaukee with affordable housing
Thanks to projects like this, the Lindsay Heights neighborhood is definitely on the upswing.
Multifamily Housing | Oct 31, 2019
Soltra at SanTan Village breaks ground in Arizona
Todd & Associates designed the project.
| Oct 30, 2019
James McHugh Construction breaks ground on 1000M, Michigan Avenue’s tallest tower to be
McHugh will start work on the 832-foot-tall residential 1000M tower in December 2019.
| Oct 30, 2019
The Beach Company acquires land for multifamily community in Chattanooga
River Rock project will add 163 apartments near the Tennessee River in Chattanooga’s downtown riverfront district.
Multifamily Housing | Oct 30, 2019
Techno-magnet: Multifamily development attracts top tech workers, students
Proto Kendall Square is wooing grad students and millennial STEM workers from what’s arguably ‘the most innovative square mile on the planet.’
Multifamily Housing | Oct 25, 2019
Chicago’s long-gestating luxury condo tower nears construction
Helmut Jahn designed the project.