The construction of new multi-family housing is still going strong and continues to be a lucrative investment. “The ranks of potential renters and condo buyers are going up by a million a year, while only 400,000 new units are coming on line,” according to Building Design and Construction.
Though you may have heard about a potential bubble and caution from lenders, occupancy rates for multi family housing are near historic highs.
The fact remains, baby boomers are still down sizing. Trading in their suburban home for something more manageable and closer to the city. Exchanging their two car garages for one or two bedroom apartments with walk in closets, luxury bathrooms, and high end kitchens. Convenient to work, restaurants, shopping, and entertainment.
While the Millennial generation and Generation X, are waiting longer to get married and to start a family. This also means they are putting off owner a home, resulting in more time spent living in an apartment. Combined this with all the great amenities and convenience, they tend to keep renting for a very long time.
“Developers of high-end projects are upping the ante on amenities. High-rises feature roof decks with grilling stations, fire pits, pools, spas, and mini-gardens that promote social interaction among residents.” Building Design and Construction
Don’t forget to keep your eye on the future, car charging stations, solar panels, and even package retrieval services. Online shopping has become very popular, many properties are seeing a big increase in package deliveries, especially during the holidays.
The future of multi-family housing, apartments, and condos, looks very promising. The sector has proven to be an overall great investment.
We encourage you to contact SWET Construction Group to discuss your building project.
In honor of Breast Cancer Awareness Month, the SWET Construction Group family encourages everyone to join us in learning more about breast cancer and support those who are suffering with the disease.
Though we have made great progress in early detection, cancer treatment and finding a cure, we still have a long way to go.