MultiFamily housing has become one of the most desired real estate investment. Relatively low risk combined with strong return.
Research by the National Apartment Association claims, “To meet growing demand, America needs to build at least 4.6 million new apartment homes at all price points by 2030. In addition, as many as 11.7 million older existing apartments could need renovation during the same period.”
This increase in demand for multifamily housing is based on several factors
The largest generational demographic group is young adults between the ages 18-34, they are delaying home ownership and are choosing apartment living.
The aging baby boomers are choosing the amenities and convenience of apartment living
Nearly 39 million Americans are choosing multifamily housing, which is an all time high. Those making apartment home are almost one in eight, and the number is only growing.
Millions of those living in the United States find it challenging to find affordable housing or to qualify for a mortgage.
In the past five years, the annual growth of renters surpassed one million.
This makes the multifamily housing industry under significant pressure to meet the needs.
“Meeting projected demand means building more than 325,000 new apartment homes each year on average — a number the industry has not been able to hit for decades. From 2012 through 2016, the apartment industry built, on average, only 244,000 new apartment homes per year. The last time the industry built more than 325,000 in a single year was 1989,” according to the National Apartment Association.
Apartment living is in high demand, a lifestyle choice of multiple generations at various economic and income levels. “Building 4.6 million new apartment homes by 2030 at all price points will go a long way in ensuring this demand is met,” NAA.
If you have a new construction or renovation project, we encourage you to 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.