providing resources to the residents of their communities about
the Census, its goals and methods.
Going forward this year and into 2020, we will be
educating and updating our members about Census efforts and
developments throughout the process. Be on the lookout for more
news soon (and don’t worry, it won’t come by horseback).
AVANATH CEO DARYL CARTER TESTIFIES BEFORE
HOUSE FINANCIAL SERVICES COMMITTEE ON THE
TOPIC OF INFRASTRUCTURE
NAA member and Founder, Chairman and CEO of Avanath
Capital Management, Daryl Carter, testified before the House
Financial Services Committee today on the infrastructure needs
of America’s housing supply. Avanath focuses on housing for the
low and middle of the income spectrum, serving families with
incomes between $30,000 and $80,000 dollars, filling a vital need
for residents.
In San Francisco, median one-bedroom rents topped $3,240,
yet Avanath’s average rent there is $1,093. In Los Angeles, the
average is $2,106, while Avanath averages $1,135. These results
are staggering, and there is much to learn from the example that
the company is setting.
There is a wide variety of households and circumstances
that are driving the massive increase in demand for apartment
housing. Just to meet demand, research shows that the industry
will have to build 4.6 million new units of apartment housing
by 2030, to say nothing of the 11.1 million units that will
require significant maintenance and renovation if they are to be
continued to be used in that same time. That number is far from
our current rate of construction, but ready or not, residents are
coming.
Whether they are Baby Boomers looking to downsize, or are
Millennials looking to move closer to cities to take part in the
bustling thought-economy, or foreign nationals moving to the
United States (more than 25 percent of heads of households
living in apartments were born outside the United States), the
competition for the limited supply of housing creates challenges,
though not unsolvable. All of these new residents will rely on the
infrastructure needed to get them to their homes, to their work
and to provide them with vital resources like water and electricity.
Carter’s testimony can be read here and focuses on what
America must prioritize to ensure that the industry can build
enough to meet this demand, and to take the pressure off of
rising rents. According to a recent study, 32 cents out of every
dollar used to develop apartment housing goes directly toward
local, state and federal regulations.
We CAN bring down barriers to the construction of new
rental housing by working together to streamline permitting
and zoning processes, ensuring stable infrastructure funding
to provide for new residents and encouraging new apartment
housing development.
www.aamdhq.org
JUNE 2019
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