New Construction and Renovations in the Multi-Family housing industry, Apartments and Condos, in the Southeastern United States, especially Florida and Georgia have changed and grown significantly over the last decade. What are the top 3 factors cultivating these changes?
According to Professors Albert Emeritus and Peter Linneman in the 2014 National association of realtors, in the upcoming decades the multi-family housing industry will be facing many changes including demographics, advancement in technology, environment, and sustainability.
Changing Demographics
Impacting and influencing the multi-family housing industry in the biggest way is the aging population. As baby boomers are getting older, a majority of the Americans will be turning 75 years old, the need for retirement communities and medical campuses will be significant.
The Growing Trend in Urbanization
According to experts, cities with more than 10 million people residing in them or “Mega-Cities” will see major growth. The younger generations, Millennials and generation Xers, are choosing the lifestyle of socializing and working in the same area.
Today’s renters expect their environments to be useful and fun, from urban living spaces to modern office workspaces. Residents will look for well-balanced communities with high-tech amenities, hip restaurants, trendy shops, beautiful parks and close to public transportation.
Multi-Family Housing Will be More ‘Green’
According to the U.S. Green Building Council’s Leadership in Energy and Environmental Design, in the next couple of decades we will see big changes in materials and building designs, but also in how these building manage energy, lighting, indoor air quality, water and waste reduction. These changes will become the new standard for new construction and renovations of existing buildings.
SWET Construction Group is an industry leader in the construction and renovation of multi-family housing, apartments, condominiums and commercial building throughout the Southeastern United States, offering cost-effective plans, fast and attractive flooring, interior design services, drywall, metal framing, paint and waterproofing. Contact SWET Construction Group for your next project.