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Multifamily Takes the (Economic) Wheel

When looking at all the new development taking place in our nation’s multifamily industry, it seems that most markets are seeing not only growth in their local communities because of all the new construction, but an emerging trend in which multifamily is actually taking the lead in kick-starting local economies. It’s a trend that is beginning to show us just how important a role multifamily plays in our local communities. A role that goes beyond the demand for new rental units and becomes a key catalyst that’s fueling the other sectors of our economy. We know that those looking to buy a single-family home in the current market are finding that they have limited access to available credit and it’s forcing them to reconsider purchasing for the time being and it’s fueling the rental market, but did you know that multifamily development is responsible for leading the recovery in the residential sector and  boosting the growth we’re experiencing in the construction markets? According to recently released U.S. Census data, permits for new housing construction saw an 8% boost in April 2014 with a majority of those permits being issued for multifamily structures that are planned for five units or more and overall multifamily construction was up 32.5% year-over-year in the first quarter of 2014. With all these new communities coming together, the concentration of new residents means that existing businesses in the these areas are seeing a boost in new customers.  This translates into a need to hire more people to service the influx of new clientele, ......
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What Does the Multifamily Forecast Look Like Leading Up to 2020?

b2ap3_thumbnail_What-is-the-Multifamily-Forecast-Leading-Up-to-2020.jpgWith all the popularity that multifamily has seen in the last few years and the recent news that construction of multifamily buildings with five or more units has seen a 10% boost this year to now total 35% of the U.S. market’s total units constructed, we thought it might be interesting to take a look at this current trend and what it means for the multifamily industry in the next half decade and beyond. When looking forward at what we see coming to the multifamily industry in 2020, we first take inventory of the changing events that have brought us to where we are today. For example, after the struggles that came about by way of the housing crisis, many long-time and would-be owners saw their attitude towards the dream of homeownership change. For many young and near-retirement aged adults, the upheaval of the housing market left a lasting impression that has many of them questioning the real value of homeownership, especially at this stage of their lives. The sudden and total collapse of the market pulled the rug out from underneath those that dreamed homeownership to be a guaranteed stepping stone to a wealthy existence and ended up costing them everything that they had worked for their whole lives. Demographically speaking, young adults between the ages of 20 and 34 and the older adults who are now over 60 are seeing a rapid growth in their populations. These two groups are showing more and more signs that they prefer the simple val......
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