The Multi-Family housing market is in high demand in the Southeastern United States! Construction and development of apartments will be fueled by increased consumer confidence, the steady economic recovery, and job growth.
Research shows the top cities with a strong market for investing in the apartment industry in 2017 includes Miami, Jacksonville, Orlando, West Palm Beach, Tamp, St. Petersburg, Florida and in North Carolina, Charlotte and Raleigh, and Atlanta Georgia.
Multi-family housing construction requires complex skills, strategies, and tactics. Every move has an impact. The development needs to be ahead of the emerging trends, go beyond economics, demographics, and technological dimensions.
“The sharing economy’s de-emphasis on ownership will be reflected in soaring demand for rental units. Well over half of the 12.5 million net new households created over the next decade will rent, including those who have never owned, and those making the switch from owning to renting as they age,” according to an article in the Urban Land Institute, Reshaping Community Building for the Next Ten Years. “Homeownership will decline, with the national rate anticipated to be 60.8 percent by 2025, the lowest point since the 1950s. As more Innovators join the already large number of retirees, competition for workers will push up wages, contributing to a favorable environment for rent increases.”
Apartment living has come a long way in the last decade. It isn’t just single people renting apartments with a roommate anymore! Though young single people still make up a good part of renters, families with children are quickly catching up.
“Reversing the long uptrend in homeownership, American households have increasingly turned to the rental market for their housing. Recent conditions have brought renewed appreciation for the benefits of renting, including the greater ease of moving, the ability to choose housing that better fits the family budget, and the freedom from responsibility for home maintenance,” according to the Joint Center for Housing Studies of Harvard University.
It’s a great time to invest in multi-family housing and apartment construction. Contact SWET Construction Group for large and small construction projects, cutting edge building technology and the latest trends, don’t hesitate to call us 321-594-5569, for your next project.