Investors and developers are reaping the rewards of multifamily housing developments. The surging demand is expected to remain in the upcoming year.
“Multifamily properties have become increasingly important to our housing markets. In 1993, multifamily accounted for just 7 percent of new residential construction spending, but that share has increased by more than 2.5 times, to 18 percent in 2017. This increase is partially attributable to the nation’s growing share of renters. Between 2005 and 2016, 91 percent of all newly formed households were renters, and renters currently occupy 87 percent of the units in multifamily properties. Additionally, as more and more of the nation’s top jobs cluster in so-called “superstar cities,” there is increasing need for dense, transit-oriented development to keep these areas affordable and inclusive.” According to Apartment list.com
Urban Life is a Growing Trend
From Empty nesters to Millennials and GenX, multifamily housing attracts just about everyone. The majority of those renting in urban areas are doing it by choice. They want the high amenity and service living.
They want to live in close to like minded people and everything the city has to offer. Walkable, low maintenance, the latest technology and amenities, are hot commodities.
Mixed use developments often combine apartments with retail, commercial, cultural spaces and entertainment. Creating great resources and lively atmosphere within walking distance. These developments are often built close to grocery stores, public transportation, shops, restaurants, and office buildings, making them appealing for todays fast paced lifestyle.
Multifamily Housing is Affordable
Younger adults want to live close to the action, but it comes at a price. Single family housing becomes out of the question. To make multifamily housing more affordable, units are becoming smaller with multifunctional spaces.
Mixed use developments often combine apartments with retail, commercial, cultural spaces and entertainment. Creating great resources and lively atmosphere within walking distance. These developments are often built close to grocery stores, public transportation, shops, restaurants, and office buildings, making them appealing for todays fast paced lifestyle.
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.