High rise and mid-rise multi-family construction, (those with with over 20 units) are growing in demand. According to the U.S. Census Bureau and the Department of Housing and Urban Development’s annual Survey of Construction, “Number of Multifamily Buildings Completed by Number of Floors: Built for Rent,” the national apartment market is seeing a growing rise in the number of new apartment construction with four or more stories.
From 1999 -2007 properties with over 20 units was 21%, in 2008 it reached 31%, and in 2014 it steadily climbed to 47%. While multi-family housing with over 50 units in 1999 comprised of only 2% of the market, in 2014 it dramatically increased to 11%. Developers are increasing their investment by maximizing the number of units and density of the building. Statistics courtesy of Axiometrics.
A huge part of this urban trend of high rise apartments are Baby Boomers, who are moving from a single family house to an urban community where they can live, work and play, enjoy an easier lifestyle with great amenities. The Millennials also play a big role, willing to live in a smaller apartment to have great amenities and walkable communities.
Buildings with four to eight floors are considered mid-rise apartments, while those with more than eight floors are considered high rise. Throughout the Southeastern United States these taller apartments are increasing significantly.
For instance, in 2015 Orlando delivered 6,340 units, well over the long term average. The job growth in Orlando has strengthened over the last couple of years and the rental market is expected to have significant grow in years to come.
The combination of lifestyle preferences, financial market and demographics support an increase in the development of larger and taller multi-family apartment housing.
Multi-Family housing in the Southeastern United States, Florida and Georgia, have become very consistent and powerful investments opportunities. According to Realtor Magazine, “your multifamily home will rarely sit completely unoccupied, even during high turnover seasons. This fact gives you the leeway you need to repair or renovate vacant units, and the time you’ll need to find quality tenants rather than accepting the first person who submits a rental application.”
As a leader in multi-family construction and renovation, SWET Construction Group uses the latest technology, focuses on what consumers are looking for and the latest trends to deliver quality solutions to your projects. Our portfolio consists of construction of multi-family housing, assisted living facilities, condominiums, hospitality, commercial and renovations.
SWET Construction Group handles all aspects of renovation and repair services, including disaster repair, from the demolition to the finished project.