“Multifamily is going to stay strong. The reason being, it now costs over $300,000 a unit to build a new stick-built apartment. Three years ago, that was the median price of a single-family home in the United States.
Housing Shortage + Young Workforce = Need for Housing Innovation
The young workforce – the Millennial workforce, the Gen Z – cannot buy housing. They have student loan debt. They don’t have the credit. They don’t have the cash savings, and they can’t afford a 7% mortgage.
Rents are going to continue to rise 6-8% and 10-12%, especially in markets like Texas and Florida and other inland markets where the workforce is going.”
Related:
Multifamily’s Prime Target? Aging Millennials
https://creconsult.net/market-trends/multifamilys-prime-target-aging-millennials/
