Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

Why Population Growth in the Suburbs is Outpacing City Growth

Why Population Growth in the Suburbs is Outpacing City Growth
During the late nineteenth century, many Americans flocked to cities in search of factory work. In the postwar era of the 1940s-1950s, this trend was reversed. Because of low housing costs and GI Bill benefits, even working class Americans found that they could afford to own homes in the suburbs and pursue “The American Dream”. Then, in 2008, the housing market collapsed. The “dream” suddenly became less tangible and, as a result, suburban growth slowed as more and more people turned to rentals, and, in particular, urban living. Now, however, the tables have turned, and again growth in the suburbs is outpacing city growth. Recent data taken from the Census shows that during 2015-2016, the growth rate in suburbs (.89%) began to again outpace cities (.82%). What’s more, it is estimated that nearly two thirds of the nation’s largest cities showed a drop off in growth during the last year. Although these patterns do not necessarily imply the end of city attractiveness, they signal that the shift to cities that has occurred over the last ten years may finally be coming to an end. As a landlord, it’s important to dig deeper than general housing trends and understand why they’re occurring. Below are a number of reasons renters and home buyers are turning towards the suburbs. Suburban Living is a Better Deal As urban development patterns continue to change, the choice between suburban and urban living comes with a variety of new considerations. One of the most critical factors is cost. It’s no surprise that cities tend to ha......
Continue reading
535 Hits
1 Comment

From Urban to Suburban: Multifamily's High Demand Reaches the 'Burbs

From Urban to Suburban: Multifamily's High Demand Reaches the 'Burbs
With all the growth the multifamily industry has seen in the last few years, it was inevitable that we’d eventually see the trend move out from the downtown, urban neighborhoods and onto the wide open hustle of suburban America. According to the U.S. Census Bureau, the shift in demographics from urban to suburban can be seen in the data being collected. Even with multifamily housing being the cornerstone of the current housing market and the fact that a majority of these projects are urban-based, census data is still leaning towards increasing growth in the suburban markets. (Note: for now, this growth can only be considered a small uptick in the suburban markets and is also accompanied by a small downtick in the relative urban markets which makes the shift more apparent.) As a matter of fact, the Brookings Institution reported that in some U.S. cities, we have actually seen more of this type of growth in the last three years than we did in all of the last ten years. For cities with a population of a quarter million or more, this growth is above average and can be as much as one percent or more. With this migration taking place, it’s not just the multifamily rentals that are seeing growth. The abundance of single-family homes left over from the pre-recession boom that was then vacated by the recession itself has since led to opportunities for investors looking to capitalize. Unfortunately, the purchasing, renovating, and renting out of a single unit does little to create jobs and instead offers would-be ren......
Continue reading
1535 Hits
0 Comments