Multifamily housing demand to grow faster than new units
Multifamily housing will remain a bright spot in the construction industry this year. In fact, one large developer foresees a “golden age of multifamily housing” in 2013 and 2014.
“Multifamily was not as impacted as single family during the downturn,” said Lance Swank, president of the Sterling Group in Mishawaka, Ind. “The market continues to improve as new household formations generate demand, especially in the rental segment. There is also a change in attitude toward renting – people like the flexibility it gives and the option to be able to easily move to another city or state for a job opportunity.”