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Firms Must Adjust to Growing Renter Diversity

PHOENIX-Affordable product is necessary for all types of renters, not just minorities. That's just one of the revelations from last week's NMHC annual meeting here.

By Sule Aygoren Carranza | Updated on January 16, 2007

Sule Aygoren Carranza is managing editor of Real Estate Forum and editor of Multi Housing forum .

PHOENIX-Developers of multifamily product ought to start thinking about diversity if they want to continue to attract a steady stream of tenants. That’s the advice given by Leanne Lachman, president of Lachman Associates, during the “Demographics of Rental Demand” presentation at the National Multi Housing Council’s Annual Meeting here.

With the US population expected to expand by 40% by 2040, immigration, job growth and the influence of the echo-boom generation are among the most influential factors for the apartment sector going forward, said Lachman. While the US population and the labor pool are each projected to increase by 1% per year, annual household formation is anticipated to grow by 1.3%. That’s because more individuals are choosing to live alone, and the range of households is becoming increasingly varied, she noted.

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