The housing landscape has shifted, from a single family home to multi-family and apartment housing. From baby boomers who are downsizing, for an easier lifestyle that is in close proximity to shopping and restaurants, to Millennials who are choosing renting over buying. A lifestyle choice that allows flexibility.
“Millennials have a reputation for forgoing traditional norms and are entering the housing market as home buyers much later than previous generations. Business Insider reported that millennial home ownership rates have fallen at a faster rate than that of any other age group. While some feel squeezed out of the housing market due to astronomical student-loan debt, others simply don’t see the value in owning over renting, according to Entrepreneur.
While Generation X are finding higher rents and stationary salary make it difficult to gather enough up for a down payment. A recent survey found Gen Xers don’t mind giving up home ownership over the flexibility to move to a different down, the ease of considering a new job opportunities, and avoiding the responsibility of maintenance.
It’s just the beginning, the rising trend in multifamily housing is a profitable one.
This rising trend in multi-family housing and high demand in quality apartment living creates a great investment opportunity with high return on investment. Rents are continuing to rise, but so does quality and amenities.
According to the latest research commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). The demand for apartment construction will remain high. In Orlando, Florida the demand is likely to increase by 56.7 percent by 2030 and in Raleigh, N.C. the demand is expected to grow sharply, by 69.1 percent. Atlanta, Georgia is also expected to have a strong demand.
Which means new construction needs the latest design with all the bells and whistles. Existing multi-family construction need to keep up with renovations to keep up.
The expert management team at SWET Construction Group is proud to provide cost competitive turnkey projects. All of our projects receive continuous supervision, customer satisfaction and attention to detail, from beginning to end.