The strong demand for Multi-Family housing, Apartments, Condominium, will dramatically increase the construction and renovation industry, according to the press conference at the National Association of Home Builders (NAHB) in Las Vegas at the International Builders’ Show.
“The Multi-Family market has rebounded significantly from its trough in 2009 at 82,000 Multi-Family housing starts to 340,000 in 2010,” said David Crowe, NAHB Chief Economist. “NAHB is forecasting 360,000 Multi-Family housing starts in 2015, which is above the previous longer term average of 240,000 as more young adults prefer renting.”
Three sources are responsible for the strong rise in Multi-Family housing, explained Crowe. “First, during the collapse, production of Multi-Family had significantly decreased, so part of the resurgence in 2011 was just catching up with a more normal flow. Second, the strong demand for apartments is being fed by rising demographic of echo boomers that will continue to grow in size as e absorb people born after 1980. Third, young adult who might have otherwise chosen homeownership, and some older adults as well, are hampered by a variety of issues, such as unusually tight underwriting standards for mortgages, lower credit scores because of the slow employment market and lower entry salaries. As a result, the share of households that rent rather than own has increased steadily since 2004 and will likely continue until jogs are more secure, mortgages more accessible and careers more stable.’
The U.S. Department of Housing and Urban Development and the Census Bureau both said the permits and housing starts for Multi-Family units are markedly up for the year.
We encourage you contact SWET Construction Group to discuss your building project. Our professionals will show you, examples and discuss options. We are able to work within your budget and will suggest cost saving options for your project. We specialize in multi-family designs, both interior and exterior projects.