Thursday, January 5, 2023 / by Rodrelle DeAndrade
- Multifamily housing is an increasingly popular option for homeowners of all ages, not just the stereotypical young couple and/or older adults.
- Multifamily housing comes in many shapes and sizes from the well-known options like apartments and condominiums to students housing and mixed use developments.
- Multifamily housing in today’s market reflects residents desires – it often contains a home gym, smart/green technology, and inviting outdoor space.
Source: Multifamily Housing (National Association of Home Builders)
The multifamily market did not escape the many changes caused by the COVID-19 pandemic and subsequent seller’s market. Though it was predicated that people would leave their city apartments and condos in droves, the rental and multifamily market is on the upswing. Empty shopping centers are predicted to be the next multifamily frontier.
With low single family inventory and historic interest rates, the multifamily market has become an even more attractive option for first time homebuyers. Others are putting off their search all together (for the time being) and continuing to rent. Multifamily building permits are up significantly.
There are many option for investing in multifamily properties. Not everyone has the desire or capital to buy or build an entire apartment complex, though the apartment market does seem to be on the upswing post-COVID. If you are interested in investing in multifamily properties, but do not want to manage a property, you may be interested in a real estate syndication.
From eviction moratoriums to a historically hot housing market, it has been an interesting few years for property managers. However, many property managers that managed to keep residents feeling happy and safe throughout COVID-19, listening to their concerns and acting fast. Multifamily management, according to some, is in for a technology disruption in the coming months and years.