The multi-family housing sector in the Southeastern United States, Orlando, and Atlanta, continues to lead the housing market, according to the recently released, The State of the National Housing Report, by Harvard’s Joint Center for Housing Studies. The report goes on to say:
While newer rentals have always commanded higher prices than older units, the premium for new apartments has risen sharply even as their size has decreased. The median asking rent for a new market-rate multifamily unit built in 2015 was $1,381 per month, more than 70 percent higher than the over- all median contract rent for multifamily apartments.
The rent premiums for new studio and one-bedroom apartments were at highs of 90 percent and 78 percent, respectively. The steep rents for new units reflect rising land and development costs, which push multifamily construction to the high end of the market. They are also a measure of the growing demand from high-income renters for luxury apartments.
Rental demand is expected to remain robust over the next decade as the youngest members of the millennial genera- tion reach their 20s and begin to form their own households. Moreover, if homeownership rates for households in their 30s and 40s continue to slide, rental demand will be stronger still. For their part, the aging baby-boom generation will boost the
number of older renters, ultimately pushing up demand for accessible units.
Today’s construction of multi-family housing is becoming healthier, smarter and all-inclusive. SWET Construction Group is a full service company who understands the big picture and well as the small details. We have the experience and knowledge to handle large multi-family construction to a more modest dimensions. We take pride in our professionalism and innovative approach, we are known for our quick turn around on projects and being cost efficient.
SWET Construction Group is an industry leader in the construction and renovation of multi-family housing, apartments, condominiums and commercial building throughout the Southeastern United States, offering cost-effective plans, fast and attractive flooring, interior design services, drywall, metal framing, paint and waterproofing.