According to the most recent census, as of 2010 the population of Japan stood at a little less than 128 million, and if demographic trends continue at the current rate it will be 107 million in 2030 and 97 million in 2050. Despite this projected decline, 369,993 new rental units were built in Japan last year; up from 291,804 built in 2010, an increase that sounds counterintuitive given the population drop, though the trend could be a reflection of perceived changes in housing preferences.