At the present time, buying a home is no more a luxury, but it’s a big necessity. At the same time, the cost of real estate properties are touching the sky. It has almost become impossible to buy homes or apartments with satisfying locations and good architectures. Besides, different cultural, demographic, economic shifts along with the political policies are influencing the trend of the affordable housing market. Sustainable living has always been the need of the hour and now developers are seriously looking into it.
This is why for more than two years; the trend of affordable housing is reflective of the increased demand for rental properties. Besides, the rising costs of homes are also afflicting the market when the incomes are stagnant & also the supply of multi-family units is limited. The United States is now facing a big challenge in terms of the affordability of the multifamily units. While home ownership continues to be a vital goal that people mainly strive to get, renting is also gaining immense popularity among all the cultural backgrounds and age groups.
With the increase in the appeal of the urban lifestyle & increase of employment in cities, property owners and developers are now discovering some great opportunities in the suburbs surrounding the popular cities. The percentage of renting properties is more than earlier generations & now people also consider renting as an affordable way of remaining in near to the urban core. It means that renters are also looking for the same feel of any urban center. Therefore, it becomes necessary that the affordable housing units stay within 20 minutes distance to different public services like as transportation.
Developing affordable multi-unit properties:
Most of the housing options mainly try to catch the attention of deep pocketed clients. Clients who are in search of luxury amenities & developments. But these costs are just unaffordable for the middle-class people, who look for rental opportunities. But some developers offer lower operating costs to attract all the potential renters in a fragile financial condition. So, they are designing smaller units with affordable spaces with attractive locations, different types of energy-saving features and multi functional units. Adopting micro-apartments actually pays off as these’re really affordable.
Sustainable living offers more affordable living, create less energy consumption and also include highly attractive places to rent and own. Therefore, most of the tenants & owners are looking for sustainable living through the green buildings. Besides, the building owners also offer green leases as incentives for the tenants to recycle and to use public transportation. Besides, the common areas include hydration stations to dispense purified water.
Owning or developing affordable multi-family housing
It is undoubted that the popularity of multi-family housing, mainly renting is just surpassing the supply in the year 2018 and also in this year. Although it is quite tough to find multifamily units at present. Most of the middle-class families mainly look for these properties only. It is because; developing or purchasing attractive multi-family units are really attractive now as these units are sustainable and cost-effective, which fulfill different aspects of urban living in various demographics.