The Southeastern United States, Atlanta and Orlando, are revealed as the locations for best return on investments for apartment and multi family housing construction. Metro areas with multi-generational appeal, because of the cultural hubs, solid rent growth and an employment sector that is strong, have the most active construction growth.
According to Multifamily Executive, “Most developers say the construction boom is driven by demand, and The State of the Nation’s Housing 2016 report from the Joint Center for Housing Studies backs that claim with data that show there are now 9 million more renters than a decade ago. Moreover, the report states, 36% of U.S. households opted to rent in 2015, the largest share since the 1960s. For the time being, developers seem intent to strike while the market is hot, especially in certain areas, although land and construction costs have risen steadily.”
Orlando has seen significant growth in the last couple of years. University of Central Florida is opening a new campus, the new soccer stadium, major hospitals, theme parks such as Disney Springs are expanding and new luxury hotels and apartments will need to be built to keep up with the demand.
The Multifamily Executive article goes on to say, “The Buckhead neighborhood, a more-established destination just north of the city’s downtown, has been booming in recent years, industry professionals say. Major companies, including UPS, Mercedes-Benz, and Porsche, have moved their operations to Atlanta in recent years, helping fuel job growth, explains Mitch Harrison, CEO of First Communities.”
As jobs continue to grow, so does the need for multi-family housing. Apartment living is easy and carefree. For instance, families can walk their kids to school, enjoy all the amenities, pool, parks, dog walking areas, and walk to shopping. The renter doesn’t have to worry about doing yard work, painting, repairs, and if the drain gets clogged he simply calls the property manager and it’s fixed before they even get home. According to a recent study done by the Federal Reserve, a quarter of those renting apartment did not want the upkeep of a home.
SWET Construction Group
With over 66 years of combined experience and over 42,000 completed units, you can feel confident SWET Construction Group. Our experienced team, advanced knowledge of construction, high quality products, on-site management, turn-key solutions and precise estimation, will deliver the results you’re looking for on budget and on time.