The multifamily sector is not showing any signs of slowing down. The U.S. market needs to add at least 400,000 rental units a year to serve the nation’s housing needs, according to the National Multifamily Housing Council and the National Apartment Association (see: http://nmhc.org/Apartments-Economic-Impact/).
On the side of homeownership, U.S. Census data shows that three-quarters (76%) of condominium and cooperative units that came on line in Q4/2015 were sold within three months of completion (www.census.gov/housing/soma/).
The demand is being found not just in big cities like Fort Worth, Texas, Charlotte, and Nashville but also in second-tier metros like Charleston, S.C., and Harrisburg, Pa. San Antonio’s Broadway Corridor, Austin’s Riverview area, and Downtown Los Angeles, known as DTLA, are hot markets that have used local ordinances and targeted investment to create 24-hour dining and shopping zones to lure young professionals and growing families into these new residential enclaves.
Let’s look at seven novel approaches developers and Building Teams are taking to respond to competitive pressures and build more quickly and with more attractive offerings in new and reconstructed multifamily developments.
TAKE THIS FREE AIA COURSE AT BDCUNIVERSITY.COM
Related Stories
Multifamily Housing | Jun 25, 2019
New Joint Center housing report foresees steady rental demand over the next decade
However, supply shortages, especially on the affordable end, are likely to push rents even higher.
Multifamily Housing | Jun 17, 2019
Boston multifamily development combines a historic warehouse with a new, modern addition
The Architectural Team designed the project.
Multifamily Housing | Jun 4, 2019
New Silver Spring apartment community includes over 5,000 sf of amenity space
Design Collective is the project’s architect.
Multifamily Housing | Jun 3, 2019
11 trends in senior living
Style, flexibility, and fun highlight the latest design trends for the 55+ market.
Multifamily Housing | May 29, 2019
Grilled to order: The art of outdoor kitchens
Seven tips for ensuring outdoor kitchens deliver safe, memorable experiences for residents and guests.
Multifamily Housing | May 17, 2019
At last, downtown Dallas tower to get $450 million redo
The landmark tower has been vacant for a decade.
Multifamily Housing | May 8, 2019
Multifamily visionary: AvalonBay’s relentless attention to detail
The nation's fourth-largest owner of apartments holds more than 85,000 apartments in 291 communities.
| Apr 28, 2019
New York Is NOT Most Expensive City for Apartment Sales Transactions
Data from Marcus & Millichap 2019 U.S. Multifamily Investment Forecast on Average Price/Dwelling Unit in apartment transactions.
Multifamily Housing | Apr 27, 2019
5 noteworthy multifamily developments
Special-needs housing in West Hollywood, Calif., and a warehouse-turned-apartments in the Twin Cities are among the notable multifamily projects to open recently.