Many investors are realizing the high returns on multi-family housing and apartments. Since the recession, real estate has seen robust gains. With record high rent growth and low vacancy rates, makes a great investment opportunity.
“The western U.S. as well as states such as Texas, Florida and North Carolina, are expected to have the greatest need for new apartment housing through 2030, although all states will need more apartment housing moving forward,” says Cindy Clare, chair of NAA. “The need is for all types of apartments and at all price points.”
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.
“We’re experiencing fundamental shifts in our housing dynamics, as more people are moving away from buying houses and choosing apartments instead. More than 75 million people between 18 and 34 years old are entering the housing market, primarily as renters,” says Dr. Norm Miller, principle at Hoyt Advisory Services, a real estate consulting firm and professor of real estate at the University of San Diego.
The aging population, as well as millenniums, will increase the high demand for multi-family housing. Empty nesters down sizing, trading in their family home for the ease of apartment living. In the past decade, the 45 plus demographic accounts for over 50 percent of new renters. While Millenniums continue to favor renting over homeownership for a variety of reasons.
SWET Construction Group is a full service company who understands the big picture and well as the latest trends. We have the experience and knowledge to handle large and small multi-family construction. We take pride in our professionalism and innovative approach, we are known for our quality projects and staying on budget.