Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Doug Bibby at PCBC NMHC president Doug Bibby said the US will need 4.6 million more new apartment units by 2030 in order to meet demand.

SAN DIEGO—Lifestyle changes, a housing-stock shortage and high homes prices have led to more people than ever—of all ages—choosing to rent an apartment rather than buy a home, and a serious apartment shortage is also in progress, speakers at PCBC told attendees last week. During the economic outlook and market overview, NMHC president Doug Bibby and Ron Witten, founder of Witten Advisors LLC said the apartment market looks strong despite some construction and investment slowdown, and demand is still high for this sector.

In his NMHC update, Bibby said the US will need 4.6 million more new apartment units by 2030 in order to meet demand; 646,000 in California and 73,000 in San Diego. This would require 325,000 units a year to be built. He added that tax reform is still a risk because sector-related changes could be used as a tax cut, and he called for transition plans to introduce any changes gradually. His organization has sent letters to President Trump and HUD regarding a rollback on affordable-housing funding regulations, and “things are moving slowly on infrastructure issues, but NMHC is staying vigilant,” he said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

More from this author


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.