The massive increase in the Multi-Family apartment rental sector, especially in Orlando, Florida and Atlanta, Georgia, has caused multi-family housing construction to skyrocket. Younger households have propelled the growth in rental demands.
According to an article in the U.S. News & World Report, “The impressive growth for multifamily construction has been concentrated in the rental sector. According to Census construction data of buildings with five or more units, the share of new multifamily units built for rental purposes was more than 92 percent over the last two years. In fact, completions of condominium and cooperative apartments totaled just less than 15,000 units for 2013 and 2014 combined.
While there are pockets of local strength for condo development (e.g., Miami), the multifamily sector has been dominated by rental production.
Moreover, a growing share of these apartments are being developed in large buildings. Except for a brief dip in 2010 and 2011, a pronounced long-run trend has seen more apartments in buildings with 50 or more units. For example, in 2004, 24 percent of new multifamily units were located in such large buildings. In 2014, this share had risen to 48 percent. Clearly, these market changes have been guided by increasing demand from millennials, who are renting somewhat longer than prior generations and have been drawn to larger metro areas where job creation has been strong.”
Though all buildings have roofs, walls and flooring, they aren’t all created equal. Todays renters are looking for quality construction, details and up to date amenities. At SWET Construction Group we understand our clients needs and minimize any surprises by continually working behind the scenes, foreseeing any problems and resolving them before they become big problems.
With over 66 years of combined experience, we build trusting relationships with our clients as well as our network of suppliers. Give SWET Construction Group the opportunity to show how we can increase your profits.