A very strong demand for Multi-family housing and apartments will increase dramatically over the next several years, according to the panelists at the National Association of Home Builders (NAHB) International Builders Show (IBS) in a recent press conference. Chief Economist David Crowe announced, “The multi-family market has rebounded significantly from its trough in 2009 at 82,000 multi-family housing starts to 340,000 in 2013. NAHB is forecasting 363,000 multi family housing starts in 2015, which is above the previous long-term average of 340,000 as more young adults prefer renting.”
David Crowe goes on to explain, “First during the collapse, production of multifamily housing had significantly decreased so part of the resurgence in 2011 was just catching up with a more normal flow. Second, the strong demand for apartments is being fed by a rising demographic echo boomers that will continue to grow in size as we absorb people born after 1980. Third, young adults who might have otherwise chosen homeownership and some older adults as well, are hampered by a variety of issues of the slow employment market and lower entry salaries. As a result, the share of households that rent rather than own has increased steadily since 2004 and will likely continue until jobs are more secure, mortgages more accessible and careers more stable.”
Since the collapse the Multi-family market has bounced back and there is a strong demand for the construction of new multi family properties to balance out the supply and demand.
SWET Construction Group is a leader in new construction and renovations of multi family housing industry. Partnering with us will not only keep your construction costs low while achieving beautiful architectural design, they will ensure your project is a great success by displaying quality traits such as preparedness, flexibility and awareness.
We encourage you contact SWET Construction Group to discuss your building project. Our professionals will show you, examples and discuss options. We are able to work within your budget and will suggest cost saving options for your project.