Shelter addresses the growing attainability gap by developing and repositioning housing for renters paying more than 30% of gross income in rent. This demographic includes 37.5% of income-earning households, those making between $40,000 and $100,000. Shelter offers compelling relative value propositions to both renters by necessity and renters by choice.


Source: U.S. Census Bureau, 1947, and 1952 to 2002 March Current Population Survey, 2003 to 2018 Annual Social and Economic Supplement to the Current Population Survey (noninstitutionalized population, excluding members of the Armed Forces living in barracks); 1950 Census of Population and 1940 Census of Population (resident population).

Targeted Investments

  • Naturally Occurring Attainable Housing
    Take advantage of situations that allow for lower construction or repositioning costs to provide a high-quality living experience for a more attainable price.
  • Smaller Units, Micro-units & Co-living
    Smaller units, micro-units, and co-living (typically 350 to 600 SF) provide approximately 20% to 30% savings in nominal rent compared to traditional multifamily.
  • Boutique Properties in Infill Locations
    Develop attainable housing options in otherwise unattainable urban markets by offering a more intimate community experience in lieu of underused or expensive amenities.

Target Markets

  • Among Top 50 MSAs
  • Among Top 50 MSAs,
    >1% growth rate
  • Among Top 50 MSAs, >1% growth rate
    (Primary Target Markets)

Key Requirements

  • Population Size: Top 50 Metropolitan Statistical Areas (MSAs)
  • 10-Year Population Growth: Positive
  • 5-Year Employment Growth: > 50% of U.S. Median
  • 5-Year Educational Attainment Growth: >50% of U.S. Median
  • Permanent Demand Drivers: Universities, Industry Clusters, and/or Major Infrastructure

Source: U.S. Census Bureau, Metropolitan and Micropolitan Statistical Areas Population Totals and Components of Change: 2010-2019