Currently in the United States, construction of multi-family housing units is growing faster than that of single-family homes. Whether this fact surprises you or not, there is no denying that multi-family housing and apartment complex construction trends are rising at a phenomenal rate. There are a number of reasons for this growth. To serve our clients best, and continue holding our position as a specialist in the multi-family housing and apartment complex industry, it is critical that our entire team at Miller Architects and Builders fully understand the trends that these types of properties are following. By staying focused on this fast-moving and ever-changing industry, we can assist our clients better. We have the knowledge and experience to guide them through each step, from development to final walkthrough. Aside from the growth, we wanted to share some of the major trends we see in this area of construction.
Rising Number of Renters
Over the last decade, we have witnessed a collapse of the housing market. The fallout from this collapse includes stricter mortgage lending criteria, declining home-ownership rates, increased number of families moving to metropolitan areas, and the widespread downsizing many families are opting for to name a few. Because of this shift from home ownership to rent, the cost of rent has been rising. While this may seem like a negative, there has been significant increases in construction of multi-family homes and apartment complexes due to these rising rates. Supply and demand have provided the exceptional potential for investors to build these properties because more people are looking for nicer and newer properties at an affordable rate. This brings us to the next noticeable trend addressed below.
Studies have shown decisively that as the baby-boomer generation heads into retirement and the younger generations become the primary housing market, they have higher expectations about their residences and living conditions. Many younger people may prefer less maintenance and responsibility that renting offers. However, they are particular about what they are renting. Renters desire new or newer places to live that are comfortable, eco-friendly, and beautiful. It has been shown that there are several related areas that are most important. Renters want to save money and demand higher quality and energy-efficient appliances as a means to do so. Aesthetics of these appliances has also proven important with most opting for stainless steel models. They are also very partial to having plenty of storage space. Larger closets, full laundry rooms, patios, and garages are all critical factors. Particularly in apartment complexes, residents want a fitness center, pool, or other recreational areas to enjoy on the property. In years past, these types of features were considered a luxury. However, it is quickly being considered a standard option. Finally, the location has become increasingly valuable. People want fast access to shopping, schools, and parks.
Miller Architects and Builders
At Miller Architects and Builders, we are passionate about offering full-service design and build construction options for the multi-family and apartment industry. We have extensive experience in the design and construction of these projects and work hard to remain on the cutting-edge to serve our clients and their renters with buildings that meet their needs now and in the future. We invite you to learn more about our process and dedication to service and to contact us with any questions. We offer a free, no-obligation consultation to discuss your project and help you make it a reality.