华利安（Houlihan Lokey）：2025-2026春季房地产行业报告：经济适用房市场动态更新（英文版）（14页）.pdf

1、Spring 20252026Real Estate Market UpdateAffordable HousingThe U.S.Housing Affordability Crisis:“In the Midst of Every Crisis,Lies Great Opportunity”Albert Einstein2Persistent supply constraints and unwavering demand are creating unique entry points for investors to generate durable risk-adjusted ret

2、urns through strategic capital placement in specialized housing segments.Land ValuesRecalibration in Process Historically increasing land values have long been an impediment to development of affordable housing projects,absent governmental support.Land values across many key markets are in process o

3、f adjusting downward,creating new opportunity for viable developments,particularly when coupled with upward pressure on rents.Modular BuildsA Boost to Construction Momentum Meaningful market acceptance of modular housing by residents and municipalities provide new opportunities.Reducing costs via fa

4、ctory-built construction,coupled with improved speed to market,help to provide more affordable rents,while boosting developer returns.Once a cottage industry,investors have accepted the new age of construction,boosting broader interest.ImmigrationA Key Demand Driver Despite national declines in immi

5、gration,in-migration to certain key markets will continue to provide opportunity for housing development.Migrants moving to lower-cost areas remain focused on reducing monthly spend,which supports developers priorities on building to meet this market.Rent RegulationAn Outdated Answer While some gove

6、rnments continue to focus on regulated rental tactics to“help”renters,increasing recognition of the perverse impact of these efforts.Investors and developers who seek to educate local governments,rather than fight against these efforts,may find opportunity for meaningful public-private partnerships,