To sustain revenue for the investor, today’s multifamily housing needs to be more than just an assembly of buildings. Residence are looking for a true sense of community with features such as dog parks, outdoor kitchens, playgrounds, gardens, greenway connectivity, car wash stations, community rooms, workout facilities, and outside living areas. Studies show when residence interact and connect with each other they are happier and will enjoy their renting lifestyle.
Owners and managers of multifamily housing know how quickly their buildings become obsolete. Whether it’s out dated style, decorated or functional components, it’s vital to keep up with the latest trends, designs appealing and systems functional to appeal to the target residence.
According to the National Association of Realtors, The Economists Outlook; The Trend Is Clear: Multifamily Construction Is On The Rise.
High construction costs are reported to be one of the biggest hurdles for builders. However, building multifamily homes may help offset some of these costs. In microeconomics, this is primarily due to economies of scale. For instance, most subcontractors may offer a discount when they do one big project instead of two small ones. Moreover, the cost of the lot may also be relatively smaller. Buying a larger lot to build a multifamily home may be less expensive than buying two lots. Additionally, by building ten units on a one-quarter of an acre lot as opposed to one unit, you could economize on the land cost.
Data shows that multifamily construction is on the rise at the local level, especially in larger metro areas where single-family home construction is slowing.
However, the supply of multifamily units is still not keeping up with demand, so rent prices will continue to rise quickly.
About 15% fewer renters can afford to purchase the median-priced home compared to a year ago. But, this could make people rent for longer, boosting the demand for rental homes.
The multifamily housing industry needs a professional construction group to keep their building attractive to residence and generate revenue. As a leader in the industry, SWET Construction Group we understand the current trends and partner with managers and owners to give our clients the edge over the competition. Our offices throughout Southeastern United States are committed to building quality relationships with out clients and create living environments families want to live while protecting contraction cost and quickly responding to emergency situations.
SWET Construction group is a leader in the industry for big construction projects, cutting edge building technology and the latest trends, don’t hesitate to call us 321-594-5569, for your next project.