The last few years has seen a shift in the home requirements of the average American family. In 2014, realtors noticed that multi family housing was booming and all the indicators were that it was not a bubble, but sustainable. Two years down the line, the market seems stable and this type of accommodation is very much in demand. What are the reasons for this?
New types of family have emerged requiring a greater variety of housing type to cater to their needs. Couples without children are growing, and those who opt to have children are having fewer than their parents. Blended families are growing too and “Empty Nesters” are seeing the benefits of downsizing in lower costs of living and the communal aspect of multi family housing.
It is true of most of the US right now that purchasing a home, particularly for first time owners, is worryingly high. First time buyers are seeing the benefit of starting small and working up towards their dream home. Renters see the benefits of keeping it small to save money so that they can afford to save a down payment and buy something suitable for a larger family later on.
The trend of diverse requirements that include multi family housing is not expected to reverse at all, let alone soon, so the property you are selling (either as a family looking to upgrade or as a real estate investor selling to a first owner) will give you a return on your investment. As providers of multi family solutions, we are in touch with requirements of the market.
Home owners and renters crave security in their homes, treating it as a safe and sacred space. Multi family housing is, by definition, secure and the modern examples and developments often offer the best security measures presently available including secure access, CCTV, entrance codes and more. When homes are fitted with double glazing and lockable windows, and neighbours are only a short distance away, they feel that security.
Multi family housing has certainly diversified in paying attention to the needs of the various occupant types – empty nesters, professional singles, couples without children, groups of friends in shared ownership, single parent families and more. That’s why modern developments may include such facilities as shops, a gym, communal areas, libraries and other social amenities with which to entice the renter or the buyer.
Modern multi family housing has persistently demonstrated that it is more energy efficient than its single family equivalent. Why and how? The structure of the build reduces the exterior space and outlets for losing energy, amongst other things. It is cheaper to warm a larger building where heat rises and spreads to nearby apartments. If you want lower energy costs, this type of living may be for you.
March 2, 2016