Multi-family Architecture Projects: Why These are Booming Right Now
The American multi-family housing market has expanded exponentially in the past few years, and it’s not slowing down anytime soon. Even at the peak of COVID-19 in 2020, the market registered a 50% growth compared to 2019. And in July 2021, the highest occupancy rate (since 2000) of 96.9% was recorded. 2022 has already proven its ability to break the glass ceiling, with investment in the multi-family sector increasing by 56% year-on-year in the first quarter (Q1) alone.
That’s a clear sign that the multi-family industry is growing at an unprecedented yet stable pace. This aggressive demand is triggered by several factors, including high prices for single-family units, the emergence of new types of families, increasing affordability, etc.
But what do all these trends and stats mean to you – a land developer contemplating getting your property project designed? Should you deem it a green light and a perfect time to advance your work in this booming sector? The short answer is YES. And we’ve compiled the top reasons you should take advantage of this opportunity right now:
Several forces drive the demand for multi-family housing. Here are some of the factors:
- The Need to Upgrade. Countless families are looking to upgrade their homes to accommodate their changing needs. Some of them have grown up or moved out of their parent’s homes and need more space; others want to move closer to their children and grandchildren. Others are downsizing after retirement. Regardless of the reason, they’re looking for affordable options that allow them to live comfortably while still maintaining their lifestyle.
- Affordability. With rents rising across the country, many people are forced to look for alternatives to save money. That’s where the multi-family sector comes into play. It offers a wide range of options, from studios to four-bedroom apartments, at very reasonable rates. Besides, many financiers are willing to provide mortgage loans on these properties, making them even more cost-efficient.
- Eco-Friendliness. The green revolution has made it easier to find sustainable solutions for our environment. As such, there’s a greater demand for eco-friendly buildings. In fact, according to Seed Scientific, the U.S. green buildings market is expected to clock $103.08 billion by 2023.
- Telework. The rise of technology has made remote working more effortless, and many teleworkers are looking for comfy environments where they can work and live stress-free. And what better choice for such a live-work space than a multi-family unit?
Did you know that more than half of the U.S. population are millennials or younger? That’s right; millennials, Gen Z, and younger generations were 166 million as of July 2019, forming the majority. They’re the most tech-savvy, active, and independent demographic wanting to influence every aspect of their lives.
They also prefer to live near public transportation hubs, making the multifamily sector ideal. So as a multi-family or student housing developer, this is an excellent opportunity to tap into this vast market segment.
2. Changing Demographics
As mentioned above, the millennial generation is one of the major drivers behind the demand for multi-family housing. But other demographics are equally essential to consider when designing a project. For instance, baby boomers are aging, and they’ll be retiring soon. Their preference for living near shopping malls and entertainment centers will increase the demand for mixed-use developments like those in the multi-family sector.
In addition, this perfectly complements the need for assisted living architecture. Because of the growing elderly population, we’re seeing a shift towards senior living communities. That means seniors ready to retire but don’t want to leave their homes will seek alternative accommodations.
Security is one of the most crucial factors most house hunters consider when looking to move. They want their homes to be safe, sacred havens without worrying about intruders or burglars. They also want spaces that accommodate all their valuables and amenities, like smart home systems and security cameras.
The multi-family sector provides just that. Well-designed apartment architect units come equipped with everything a renter could need to ensure their safety and comfort. Of course, we’re talking about access to high-end features like fire alarms, entrance codes, panic buttons, and video surveillance. Plus, these units have ample room for storage, making them perfect for storing valuable items like jewelry, electronics, and documents.
We’ve already covered how flexible multi-family designs are. That’s because they can be configured to meet any number of needs. Whether your developing for students, single parents, retirees, or families, you can choose from different layouts depending on your preferences.
For example, a student housing design project, especially around campuses, may feature cubicles for different roommates. At the same time, a retirement community might include two-bedroom units and expansive backyards.
Convenience is another major factor that influences the demand for multi-family projects. As a result, many developers are focusing on creating convenient designs that offer residents easy access to public transit hubs, grocery stores, schools, and hospitals.
But that’s not all. Today’s multi-family architecture also features attractive amenities like gyms, libraries, communal areas, children’s playing rooms, and even swimming pools. These amenities make life easier for residents, tenants, and owners alike.
6. Energy Efficiency
Energy efficiency is another reason multi-family architecture is hot right now. The industry has been working hard to create more energy-efficient buildings, which is good news for our environment. And as a bonus, these buildings tend to cost less than traditional ones, so renters and homeowners save money too!
Ted Trout is Your No.1 Rated Multi-Discipline Architecture Consulting Firm!
So there you have it! There has never been a better time to design your multi-family housing project and reap the benefits of a booming market. From changing demographics to rising interest in green building, there are plenty of reasons to start now.
At Ted Trout Architects, we specialize in designing affordable multi-family housing projects, commercial properties, student residences, HUD, and more. Our team of architects creates innovative solutions for every development process.
So if you’re a land developer looking to maximize on the ongoing housing market boom, contact us today for a cost-effective, client-driven housing design!