naa and zillow deep dive into local markets · naa’s barriers to apartment construction...
TRANSCRIPT
![Page 1: NAA AND ZILLOW DEEP DIVE INTO LOCAL MARKETS · NAA’s Barriers to Apartment Construction Subindices 1.15 1.53 0.93 1.17 0.2 1.03 1.9 1.05 0.86 0.96 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6](https://reader034.vdocuments.site/reader034/viewer/2022050503/5f954c65c314da7d5e619233/html5/thumbnails/1.jpg)
NAA AND ZILLOW DEEP DIVE INTO LOCAL MARKETS
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CHIEF OPERATION OFFICER, NAA ECONOMIST, HOTPADS
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The NAA aims to serve as a trusted, preeminent resource for all stakeholders in the rental housing industry through advocacy, education and collaboration. Our internal research team is a big part of this and conducts key initiatives across the country, including:
• Researching barriers to construction
• Asking public and private sector respondents to rate apartment development approval processes
• Identifying most significant issues impacting multifamily development
• Identifying markets that are most and least restrictive
• Conducting demand research
• Highlighting need to deliver 4.6 million apartment units by 2030. In 2018 we delivered 375,000
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Zillow Research aims to be the most open, authoritative source for timely and accurate housing data and unbiased insight. Our goal is to empower consumers, industry professionals, policymakers and researchers to better understand the housing market. We use all kinds of data for our research, including:
• Repeat Rent Index (measure of inflation over time)
• Gen Z population as an indicator of future demand
• Role of millennials in the current rental market and economy going forward.
• The large number of people (Boomers) at or close to retirement age
• Educational attainment and the rental market
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0
100
200
300
400
500
6002
00
7
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
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20
21
20
22
20
23
20
24
20
25
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20
27
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20
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20
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NAA’s 5+ Unit Apartment Demand Forecast
Demand is expected to grow to more than 500,000 units annually by 2030.
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1,047
10,256
66,882
128,080
52,587
14,153
0 20,000 40,000 60,000 80,000 100,000 120,000 140,000
Before 1940
1940 – 1960
1960 – 1980
1980 – 2000
2000 – 2010
Since 2010
NAA’s 5+ Unit Rental Stock by Year Built
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1.32 1.36
1.9
1.47
1.09
0.77
1.04
1.32
1.11 1.11
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Community
Involvement
Construction
Costs
Land
Availability
Infrastructure
Constraints
Affordable
Housing Reqts
DenGrowth
Restrictions
Environmental
Restrictions
Entitlement
Process
Approval
Timeline
Political
Complexity
Barriers to Apartment Construction Subindices
1.9
1.47
MOST RESTRICTIVE
Overall Index1.03
Rated 0 – 3 by metro public and private real estate professionals as themost significant issues affecting new apartment development. Colorsare by quarterlies: pale blue 1st, medium blue 2nd, gold 3rd and red 4th
Phoenix’s is close to the middle in our overall barrier index
Land availability and infrastructure constraints are the biggest barriers to construction, with community involvement following close behind
NAA’s Housing Stock by Tenure and Type
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13.50%
13.50%
13.60%
13.60%
13.70%
13.80%
14%
14%
14%
14.10%
14.10%
14.20%
14.30%
14.30%
14.30%
14.60%
14.80%
14.80%
14.90%
15.10%
15.50%
15.50%
15.60%
15.60%
16.20%
12.00% 12.50% 13.00% 13.50% 14.00% 14.50% 15.00% 15.50% 16.00% 16.50%
Hartford, CT
Columbus, OH
Las Vegas, NV
San Diego, CA
Milwaukee, WI
Los Angeles, CA
Chicago, IL
Detroit, MI
Kansas City, MO
Austin, TX
Raleigh, NC
Orlando, FL
Cincinnati, OH
Charlotte, NC
Sacramento, CA
Indianapolis, IN
Atlanta, GA
Memphis, TN
Phoenix, AZ
Oklahoma City, OK
Houston, TX
San Antonio, TX
Salt Lake City, UT
Dallas, TX
Riverside, CA
Share of Population: Gen Z
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273,005
69,616
272,264
17,176
10,262
879,049
0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000
Renter 5+ units
Renter 2-4 units
Renter Single
Owner 5+ units
Owner 2-4 units
Owner Single
NAA’s Housing Stock by Tenure and TypeNAA’s Barriers to Apartment Construction Subindices
1.32 1.36
1.9
1.47
1.09
0.77
1.04
1.32
1.11 1.11
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Community
involvement
Construction
costs
Land
availability
Infrastructure
constraints
Affordable
housing reqs
DenGrowth
restrictions
Environmental
restrictions
Entitlement
Process
Approval
timeline
Political
Complexity
1.9
1.47
Seattle has less barriers to construction than Phoenix
Rated 0–3 by metro public and private real estate professionals as themost significant issues affecting new apartment development. Colorsare by quartiles: pale blue 1st, medium blue 2nd, gold 3rd and red 4th
Overall Index1.03
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23,311
19,825
86,981
116,991
55,165
25,034
0 20,000 40,000 60,000 80,000 100,000 120,000 140,000
Before 1940
1940–1960
1960–1980
1980–2000
2000–2010
Since 2010
Like Phoenix, 75% of the inventory was built before the year 2000.
NAA’s 5+ Unit Rental Stock by Year Built
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13.50%
13.50%
13.50%
13.40%
13.40%
13.40%
13.30%
13.30%
13.20%
13.20%
13.10%
13.10%
13.10%
13.00%
13.00%
12.90%
12.90%
12.80%
12.50%
12.40%
12.40%
12.40%
12.00%
11.70%
11.40%
10.00% 10.50% 11.00% 11.50% 12.00% 12.50% 13.00% 13.50% 14.00%
Nashville, TN
Minneapolis, MN
Louisville, KY
Cleveland, OH
Philadelphia, PA
Denver, CO
St. Louis, MO
Birmingham, AL
Richmond, VA
Virginia Beach, VA
Buffalo, NY
Jacksonville, FL
Providence, RI
Baltimore, MD
Portland, OR
New Orleans, LA
New York, NY
Washington, DC
San Jose, CA
Boston, MA
Tampa, FL
Miami, FL
Seattle, WA
Pittsburgh, PA
San Francisco, CA
Share of Population: Gen Z
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Chicago, IL
Indianapolis, IN
Raleigh, NC
New York, NY
Las Vegas, NV
San Antonio, TX
Oklahoma City, OK
Dallas, TX
Minneapolis, MN
Orlando, FL
Boston, MA
Houston, TX
Nashville, TN
Virginia Beach, VA
Washington, DC
Portland, OR
Las Angeles, CA
Columbus, OH
San Dieago, Ca
San Francisco, CA
Salt Lake City, UT
Denver, CO
Seattle, WA
Austin, TX
Share of Population: Millennials
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24.90%25.30%25.30%
25.90%25.90%
26.70%26.80%26.90%
27.30%27.90%28.10%28.10%
29.20%29.30%
29.70%29.70%29.80%
31.00%31.30%
32.00%32.20%32.20%
37.10%37.70%
38.50%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00%
Nashville, TN
St. Louis, MO
Indianapolis, IN
Milwaukee, WI
Kansas City, MO
Atlanta, GA
Columbus, OH
Richmond, VA
Chicago, IL
Philadelphia, PA
San Diego, CA
Pittsburgh, PH
Hartford, CT
Baltimore, MD
Portland, OR
Minneapolis, MN
New York, NY
Seattle, WA
Austin, TX
Raleigh, NC
Denver, CO
Boston, MA
Washington, DC
San Francisco, CA
San Jose, CA
Ranking of Metros by Education
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NAA’s Barriers to Apartment Construction Subindices
1.15
1.53
0.93
1.17
0.2
1.03
1.9
1.05
0.860.96
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Community
involvement
Construction
costs
Land
availability
Infrastructure
constraints
Affordable
housing reqs
DenGrowth
restrictions
Environmental
restrictions
Entitlement
process
Approval
timeline
Political
complexity
1.90
1.53
Overall Index0.97
MOST RESTRICTIVE
Rated 0–3 by metro public and private real estate professionals as the most significant issues affecting new apartment development. Colors are by quartiles: pale blue 1st, medium blue 2nd, gold 3rd and red 4th
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0
50
100
150
200
250
300
350
4002
00
8
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
NAA’s 5+ Unit Apartment Demand Forecast
DEMAND RANKS 6TH IN NAA’S SURVEY
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876
3,004
34,579
73,266
46,226
21,854
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
Before 1940
1940–1960
1960–1980
1980–2000
2000–2010
Since 2010 62% of Austin’s stock has been built since 2000.
NAA’s 5+ Unit Rental Stock by Year Built
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24.90%
25.30%
25.30%
25.90%
25.90%
26.70%
26.80%
26.90%
27.30%
27.90%
28.10%
28.10%
29.20%
29.30%
29.70%
29.70%
29.80%
31.00%
31.30%
32.00%
32.20%
32.20%
37.10%
37.70%
38.50%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00%
Nashville, TN
St. Louis, MO
Indianapolis, IN
Milwaukee, WI
Kansas City, MO
Atlanta, GA
Columbus, OH
Richmond, VA
Chicago, IL
Philadelphia, PA
San Diego, CA
Pittsburgh, PH
Hartford, CT
Baltimore, MD
Portland, OR
Minneapolis, MN
New York, NY
Seattle, WA
Austin, TX
Raleigh, NC
Denver, CO
Boston, MA
Washington, DC
San Francisco, CA
San Jose, CA
Ranking of Metros by Education
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%
Chicago, IL
Indianapolis, IN
Raleigh, NC
New York, NY
Las Vegas, NV
San Antonio, TX
Oklahoma City, OK
Dallas, TX
Minneapolis, MN
Orlando, FL
Boston, MA
Houston, TX
Nashville, TN
Virginia Beach, VA
Washington, DC
Portland, OR
Las Angeles, CA
Columbus, OH
San Diego, Ca
San Francisco, CA
Salt Lake City, UT
Denver, CO
Seattle, WA
Austin, TX
Share of Population: Millennials
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21.20%
21.20%
21.00%
21.00%
20.90%
20.60%
20.50%
20.30%
20.20%
20.10%
19.90%
19.70%
19.30%
19.30%
19.10%
18.90%
18.90%
18.80%
18.70%
18.40%
18.00%
17.50%
17.20%
17.20%
17.10%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Memphis, TN
Chicago, IL
Oklahoma City, OK
Nashville, TN
Indianapolis, IN
Charlotte, NC
Orlando, FL
Denver, CO
San Francisco, CA
Seattle, WA
Columbus, OH
Washington, DC
San Antonio, TX
Raleigh, NC
San Diego, CA
Atlanta, GA
New York, NY
San Jose, CA
Riverside, CA
Las Vegas, NV
Salt Lake City, UT
Houston, TX
Dallas, TX
Austin, TX
Los Angeles, CA
Soon to Retire
13.50%
13.50%
13.60%
13.60%
13.70%
13.80%
14.00%
14.00%
14.00%
14.10%
14.10%
14.20%
14.30%
14.30%
14.30%
14.60%
14.80%
14.80%
14.90%
15.10%
15.50%
15.50%
15.60%
15.60%
16.20%
0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00%
Hartford, CT
Columbus, OH
Las Vegas, NV
San Diego, CA
Milwaukee, WI
Los Angeles, CA
Chicago, IL
Detroit, MI
Kansas, City, MO
Austin, TX
Raleigh, NC
Orlando, FL
Cincinnati, OH
Charlotte, NC
Sacramento, CA
Indianapolis, IN
Atlanta, GA
Memphis, TN
Phoenix, AZ
Oklahoma City, OK
Houston, TX
San Antonio, TX
Salt Lake City, UT
Dallas, TX
Riverside, CA
Share of Population: Gen Z
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Cincinnati, 38
Chicago, 34
Cleveland, 50
Columbus, 28
Indianapolis, 30
St. Louis, 45
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0.80 0.85 0.90 0.95 1.00 1.05 1.10 1.15
Ne
w M
F U
nit
De
ma
nd
Barriers to Apartment Construction Index
NAA’s Demand and Barriers — Midwest
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120
130
140
150
160
170
1802
00
7
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
NAA’s 5+ Unit Apartment Demand Forecast
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1.74
1.31
1.04
1.34
0.980.89
1.11
1.68
1.53
1.09
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Community
involvement
Construction
costs
Land
availability
Infrastructure
constraints
Affordable
housing reqs
DenGrowth
restrictions
Environmental
restrictions
Entitlement
process
Approval
timeline
Political
complexity
NAA’s Barriers to Apartment Construction Subindices
1.681.74
Overall Index1.10
MOST RESTRICTIVE
1.53
Rated 0–3 by metro public and private real estate professionals as the most significant issues affecting new apartment development. Colors are by quartiles: pale blue 1st, medium blue 2nd, gold 3rd and red 4th
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15.30%
15.10%
15.00%
14.90%
14.80%
14.60%
14.50%
14.40%
14.40%
13.90%
13.80%
13.70%
12.90%
12.80%
12.20%
12.20%
12.00%
12.00%
11.90%
11.90%
11.80%
11.70%
11.50%
11.20%
10.30%
0.00% 5.00% 10.00% 15.00% 20.00%
Virginia Beach, VA
Minneapolis-St Paul, MN
New Orleans, LA
Baltimore, MD
San Antonio, TX
Charlotte, NC
Richmond, VA
Philadelphia, PA
Atlanta, GA
Chicago, IL
Houston, TX
Hartford, CT
Kansas City, MO
Columbus, OH
Louisville-Jefferson County, KY
Buffalo, NY
Birmingham, AL
Cleveland, OH
Indianapolis, IN
Memphis, TN
Detroit, MI
Cincinnati, OH
St. Louis, MO
Oklahoma City, OK
Pittsburgh, PA
Mortgage Affordability
26.70%
26.20%
25.90%
25.90%
25.80%
25.70%
25.50%
25.40%
25.40%
25.40%
25.40%
25.10%
24.50%
24.50%
24.20%
24.20%
24.20%
24.00%
24.00%
23.80%
23.60%
23.50%
23.00%
21.60%
21.40%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%
Philadelphia, PA
Baltimore, MD
Virginia Beach, VA
Atlanta, GA
Cleveland, OH
Salt Lake City, UT
Charlotte, NC
Memphis, TN
Minneapolis-St Paul, MN
Milwaukee, WI
Hartford, CT
Washington, DC
Columbus, OH
Buffalo, NY
Richmond, VA
Birmingham, AL
Cincinnati, OH
Detroit, MI
Louisville-Jefferson County, KY
Indianapolis, IN
Kansas City, KS
Raleigh, NC
Oklahoma City, OK
St. Louis, MO
Pittsburgh, PA
Rental Affordability
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13.50%13.50%
13.60%13.60%
13.70%13.80%
14.00%14.00%14.00%
14.10%14.10%
14.20%14.30%14.30%14.30%
14.60%14.80%14.80%
14.90%15.10%
15.50%15.50%
15.60%15.60%
16.20%
12.00% 12.50% 13.00% 13.50% 14.00% 14.50% 15.00% 15.50% 16.00% 16.50%
Hartford, CT
Columbus, OH
Las Vegas, NV
San Diego, CA
Milwaukee, WI
Los Angeles, CA
Chicago, IL
Detroit, MI
Kansas City, KS
Austin, TX
Raleigh, NC
Orlando, FL
Cincinnati, OH
Charlotte, NC
Sacramento, Ca
Indianapolis, IN
Atlanta, GA
Memphis, TN
Phoenix, AZ
Oklahoma City, OK
Houston, TX
San Antonio, TX
Salt Lake City, UT
Dallas, TX
Riverside, CA
Share of Population: Gen Z
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0
100
200
300
400
500
600
700
800
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
NAA’s 5+ Unit Apartment Demand Forecast
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Miami, 3Atlanta, 7
Charlotte, 10
Orlando, 2
Tampa, 12
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
0.95 1.00 1.05 1.10 1.15
Ne
w M
F U
nit
De
ma
nd
Barriers to Apartment Construction Index
NAA’s Demand and Barriers — Southeast
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1.44
1.69
2.54
1.28
0.2
1.13
1.87
0.94
0.74
1.37
0
0.5
1
1.5
2
2.5
3
Community
involvement
Construction
costs
Land
availability
Infrastructure
constraints
Affordable
housing reqs
DenGrowth
restrictions
Environmental
restrictions
Entitlement
process
Approval
timeline
Political
complexity
NAA’s Barriers to Apartment Construction Subindices
2.54
1.44Overall Index
1.07
MOST RESTRICTIVE
1.87
1.69
Rated 0–3 by metro public and private real estate professionals as themost significant issues affecting new apartment development. Colorsare by quartiles: pale blue 1st, medium blue 2nd, gold 3rd and red 4th
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0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
New Orleans, LA
Baltimore, MD
Atlanta, GA
Memphis, TN
Riverside, CA
Jacksonville, FL
Richmond, VA
Kansas City, MO
Philadelphia, PA
Charlotte, NC
Phoenix, AZ
Sacramento, CA
Milwaukee, WI
St Louis, MO
Birmingham, AL
Louisville, KY
Miami, FL
Providence, RI
Buffalo, NY
Cincinnati, OH
Detroit, MI
Tampa, FL
Pittsburgh, PA
Hartford, CT
Cleveland, OH
Share of population: Millennials
13.50%
13.50%
13.50%
13.40%
13.40%
13.40%
13.30%
13.30%
13.20%
13.20%
13.10%
13.10%
13.10%
13.00%
13.00%
12.90%
12.90%
12.80%
12.50%
12.40%
12.40%
12.40%
12.00%
11.70%
11.40%
10.00% 10.50% 11.00% 11.50% 12.00% 12.50% 13.00% 13.50% 14.00%
Nashville, TN
Minneapolis, MN
Louisville, KY
Cleveland, OH
Philadelphia, PA
Denver, CO
St. Louis, MO
Birmingham, AL
Richmond, VA
Virginia Beach, VA
Buffalo, NY
Jacksonville, FL
Providence, RI
Baltimore, MD
Portland, OR
New Orleans, LA
New York, NY
Washington, DC
San Jose, CA
Boston, MA
Tampa, FL
Miami, FL
Seattle, WA
Pittsburgh, PA
San Francisco, CA
Share of Population: Gen Z
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IMMIGRANT SHARE OF POPULATION
0 20 40 60 80 100 120
Net migration
Natural increase
Net migration
Natural increase
Net migration
Natural Increase
NAA’s Average Annual Population Change
2000-2010
2010-2016
2016-2030
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> Didn’t hear about your market? Check out the local data station to get a deep dive from one of our expters
> Download the one-pager from the Zillow Unlock app
> Provide feedback through our post-event survey
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