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Apartments Expanding the American Dream

New rental apartment developments are a vital part of the balanced mix of housing choices that healthy communities need, according to research conducted by economists from NAHB and the Harvard Joint Center for Housing Studies. This contradicts common fears and stereotypes about new apartment developments — traffic congestion, crowded schools, etc. — and indicates that most apartment dwellers have a smaller impact on public facilities than their home-owning counterparts.

“Healthy communities need a housing stock that provides consumers with choices that match their lifestyle and affordability needs and that represent smart growth — and that's exactly what rental apartments do,” said Andrew Chaban, a multifamily developer from Lowell, MA.

The NAHB research shows that:

• Single-family homes actually tend to appreciate faster if they are located near apartments.
• New apartments tend to have little effect on school populations because more than half of the residents are single and 90% of them have no school-age children.
• Residents of new apartments tend to own fewer cars than home owners and are more likely to use public transportation.

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The NAHB Multifamily Council has produced a seven-minute video, “Multifamily Housing: Expanding the American Dream,” to ensure that the public and public officials have the facts so they can make intelligent decisions about land use and development in their communities.

“Healthy communities need opportunities for people at different ends of the income spectrum and different ends of the age spectrum,” said Nic Retsinas, director of the Harvard Joint Center, who is featured in the video. “Rental housing is part of that balance and a way to combat the concern that has been raised over sprawl.”

The video has been endorsed by the Urban Land Institute, Smart Growth America, the National Foundation for Environmental Education and the American Public Transportation Association.

The video is available for $20. For information or to order it, contact the Multifamily Council via e-mail or at 800-368-5242 x8563.
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