Research by Miller Featured in National News Outlets

Wednesday, June 14, 2017TOPICS: Research

Research by Norm Miller, the Hahn Chair of Real Estate Finance in the University of San Diego School of Business, has been published in media outlets around the United States, including the Triad Business Journal in Greensboro, North Carolina, and (subscription required).

The research, commissioned by the National Multifamily Housing Council and the National Apartment Association reveals that the U.S. will need 4.6 million new apartments by 2030 to keep pace with growing demand due to the aging population, immigration and declining home ownership rate.

Key Findings:

  • Currently, nearly 39 million people live in apartments, and the apartment industry is quickly exceeding capacity;
  • In the past five years, an average of one million new renter households were formed every year, which is a record amount; and
  • It will take building an average of at least 325,000 new apartment homes every year to meet demand; yet, on average, just 244,000 apartments were delivered from 2012 through 2016.

Miller co-authored the study with Jeffrey D. Fisher, professor emeritus at Indiana University and visiting professor at Johns Hopkins University; Michael Dinn, leader of Dinn Focused Marketing; and Paige Muller, CEO of Whitegate Real Estate Advisors. Data from the research conducted on the future demand for apartments can be viewed at

“We’re experiencing fundamental shifts in our housing dynamics, as more people are moving away from buying houses and choosing apartments instead,” says Miller. “More than 75 million people between the ages of 18 and 34 are entering the housing market, primarily as renters, but renting is not just for the younger generations anymore. Increasingly, Baby Boomers and other empty nesters are trading single-family houses for the convenience of rental apartments. In fact, more than half of the net increase in renter households over the past decade came from the 45-plus demographic.”

Miller is editor of the Journal of Sustainable Real Estate, which he founded in 2009. Prior to joining USD, he was at the University of Cincinnati, where he was academic director and the founder of the real estate center. He is active on the editorial board of several journals and is past president of ARES, the American Real Estate Society. His book Commercial Real Estate Analysis and Investment with Geltner, Eicholtz and Clayton is in its third edition; it is the leading graduate level textbook in this field. He has worked extensively with various trade associations and is a sought after speaker on commercial real estate trends. He is a faculty member at the Homer Hoyt Institute, a think tank. His areas of expertise include real estate, valuation, housing price forecasting, sustainability, mortgage risk analysis, sustainable business strategies and workplace trends.