Increased Demand for Multifamily
- Housing affordability is a crisis in America.
- Demand for workforce housing is at an all-time and the demand will only increase.
- Residents have tough time qualifying for mortgage and buying a home.
- Their only option is to rent.
No Increasing Supply
- Supply of Class B and C properties remain relatively stagnant.
- Class B and C properties are no longer profitable to develop.
- New multifamily development require luxury levels of rent to build.
Homebuying Is The Other Option
- People choosing to rent rather than buy.
- Home pricing going up, interest rates rising, and creates a difficult environment to find an affordable home.
- Young adults carrying significant amount of student debt.
- Occupancy on Class B and C properties remains above 90% in most markets.