The strong demand for new apartments remains high in the Southeastern United States. The Federal Report suggest rent for multi family housing will continue to creep upward.
“We anticipate continued job growth to spur further steady demand for apartments,” says Barbara Byrne Denham, senior economist with research firm Reis Inc. “We expect the overall national average rent to increase through the rest of the year at a steady, but low rate.”
Combinations of multifamily housing and multi use building are among the most popular types of construction. For the first three months of 2017, Orlando, Florida had an occupancy rate of 95.4 percent, average monthly rent was $1,602, the occupancy growth rate was 0.9 percent, and the average annual rent growth was 3.8 percent. While Atlanta, Georgia is still trying to keep up with its fast growing population.
“New apartment construction has been robust across the U.S., yet occupancy growth has moved in step with supply growth,” says Denham. “Construction is expected to be higher this year, but thus far, absorption has kept pace.”
“Favorable demographics and some solid job additions early in 2017 point to robust demand as we move into prime leasing season,” says Greg Willett, chief economist for MPF Research
The multi-family sector has proven to be an overall great investment. In the United States, there has been a lifestyle shift, making the demand for multi-family housing and apartment living go through the roof. According to a recent Harvard Study, the rental industry is expected to grow by 4.2 million people by 2025.
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.
Contact SWET Construction Group for your next renovation or construction project.