Welcome to the Kleber & Associates blog! Here’s the latest on What You Need to Know About Multi-Family Housing
As news about the housing industry continues to improve, one trend has buyers increasingly looking at multi-family, for-sale housing. Growing rent fees and low home prices continue to bring buyers back to multi-family housing. Here are a few things you should know about multi-family housing.
Who is purchasing these homes?
New condominiums and townhomes are often located near employment, transportation and schools, making these options more convenient for busy families. Foreign-born or first generation born consumers prefer this type of housing because it is extremely common in other countries.
What do buyers look for in multi-family housing?
As buyers evaluate the pros and cons of single-family vs. multi-family housing, it all boils down to need and affordability. Town homes with nice, open floor plans provide a great living space and are looked at as a viable alternative to a single-family home. The exterior of an apartment complex or townhome can make all of the difference. Fiber-cement siding and brick provide bold color palettes, giving the home a more traditional feel that consumers are seeking.
Another important selling point to home buyers is storage space. Since this is a common luxury of traditional single-family homes, it is often a crucial deciding factor for those looking at multi-family housing. Larger, more flexible community spaces and features such as dog parks, gardens, outdoor entertainment, pools and grills are also desired luxuries for residents.
Tech-friendly homes and community areas attract Generation Y consumers, a consumer base proving to be the key buyers in the current housing market. Energy saving appliances, large windows and solar panels in multi-family complexes are features that home buyers seek to lower their annual utility bills.
What trends are emerging in multi-family housing?
The major trend in multi-family housing is the tradeoff of private space for communal zones. Smaller bedrooms and private zones provide larger areas where the family can congregate. Remodelers, designers and architects are rethinking their strategies to accommodate smaller spaces, while enhancing their existing spaces and conserving energy and resources. Home product manufacturers should also consider how their products can fit into the lives of multi-family housing owners.