A frequently overlooked fact from the home mortgage crisis of 2008 is that multifamily housing never slowed down or took a break. The demand for apartment living is strong and is attracting a more diverse range of tenants than many think. It is common and well understood that many young singles or couples starting out life together rent to save money for a home purchase. However, many young people are renting longer because they prefer the convenience of a maintenance-free lifestyle or have student loan debt that delays a home purchase, or both. Rentals also attract single parents who have precious little time to maintain a single-family home, or people downsizing from larger homes after the kids have moved on.
Our DSCC membership includes apartment community owners, management companies, construction and maintenance firms, rental insurance providers and more. Here in Delaware, the rental market is strong and in need of additional housing units to meet growing demand. These slides
tell a compelling rental market story. Some stats:
- There are 90,000 apartment residents in Delaware. These residents contribute $5.4B to the local economy each year, including $516.6M in taxes and the creation of 30,000 jobs.
- There are 51,500 apartment homes in the state. The operation of these homes contributes $254.2M to the local economy each year, including $54.3M in property taxes and the creation of 464 jobs.
The multifamily housing model has changed and offers a wide variety of lifestyle and community options that meets today’s diverse interests and needs.