There’s no doubt about it—multi-family construction is on the rise. In fact, according to Richard Zahn, the production of multifamily housing units has increased for 13 consecutive quarters. So, what’s behind this trend? Let’s take a look at a few of the factors that are driving the demand for multi-family construction.
Rise of Multi-Family Construction
An Aging Population
One of the most significant factors behind the rise in multi-family construction is the aging population. As more and more baby boomers enter their retirement years, they are downsizing from single-family homes to smaller, easier-to-maintain apartments or condos. This trend is only expected to continue in the coming years as the boomer generation continues to age.
The Housing Crisis
Another factor that has contributed to the rise in multi-family construction is the housing crisis. After watching their home values plummet during the recession, many people have become wary of buying a home. As a result, more and more people are opting to rent instead. This trend has driven up demand for apartments, and other rental units, which has, in turn, led to an increase in multi-family construction.
Changing Preferences
In addition to an aging population and the housing crisis, changing preferences are also playing a role in the rise in multi-family construction. Today’s young adults are postponing marriage and starting families later than previous generations did. As a result, they’re more likely to rent apartments or condos than they are to buy a home. This preference is expected to continue throughout their lifetimes, which will keep demand for rental units high.
Overall, there are a number of factors driving the rise in multi-family construction. Whether it’s an aging population looking to downsize, lingering fears from the housing crisis, or changing preferences among young adults, this trend is likely here to stay. If you’re considering a career in the construction industry, now may be the perfect time to get involved in multi-family development!
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At the end of the day, there are many factors driving the rise in multi-family construction. Whether it’s an aging population, lingering fears from the housing crisis, or changing preferences among young adults, this trend shows no signs of slowing down anytime soon. If you’re interested in working in the construction industry, now may be a great time to explore opportunities in multi-family development!
When it comes to multi-family construction, there are a number of factors that are driving demand. Whether it’s an aging population looking to downsize, lingering fears from the housing crisis, or changing preferences among young adults, this trend is likely here to stay for the foreseeable future. If you’re interested in working in the construction industry, now may be the perfect time to explore opportunities in multi-family development!
In the end,
There are a number of factors behind the current boom in multi-family construction. From an aging population to changing preferences, there is no shortage of demand for rental units. As a result, we can expect to see this trend continue for many years to come.
