Multifamily housing is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. Units can be next to each other, or stacked on top of each other. Some examples of multifamily housing are apartment buildings, condo buildings, or townhomes. Interestingly, multifamily housing may be the key component in addressing the lack of housing inventory.
According to recent analysis from the National Association of Realtors®, a decade of under-building has resulted in a market shortfall of 6.5 million new single-family homes. Fortunately, multifamily housing construction has picked up, accounting for one-third of all housing starts by the end of 2022. Furthermore, this figure was up nearly 50% compared to the 2012 – 2021 average.
How can multifamily housing assist the community
- More affordable housing options for low-income families and individuals. Oftentimes, these units have a lower sales price and may be more feasible to purchase for many.
- Multifamily housing typically means smaller units as compared to single-family homes. This results in less upkeep and energy costs.
- This type of housing can help to revitalize communities by providing new housing options and generating economic activity.
- As more units are built, this can help stimulate the local economy by creating jobs for construction workers, property managers, and other professionals. These jobs can help to boost the local economy and improve the quality of life for community members.
Summary
In conclusion, multifamily housing can play a significant role in helping to address the housing shortfall in the United States. By providing more affordable housing options, increasing the supply of housing units, and creating jobs, this type of housing can help to make housing more accessible and affordable for all Americans.
If you are a real estate investor in South Florida, investing in a multifamily property can offer a great return on your investment. Do you need assistance with finding your next real estate investment property? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, don’t forget to download the free Florida Home Search app for your smartphone or tablet.
