Five Reasons Why Workforce Multifamily Could Be a Good Investment
Tuesday, July 16
1. Very Low Vacancy Rate - Currently, workforce multifamily housing has a vacancy rate of 3.9% while Class A product has a vacancy rate of about 5.8%. (Marcus and Millichap multifamily investment forecast 2019) 2. Younger people are moving toward rentals - Millennials face significant barrier...
Should I be Investing in Workforce Multifamily Housing?
Tuesday, July 16
Workforce multifamily housing has been outperforming the broader multifamily market for several years and likely will continue to do so over the near-term. Market metrics, such as lower vacancy rates and higher rent growth, provide statistical proof of the sector's superior performance and a comp...
Understanding the Demand for Workforce Multifamily Housing
Tuesday, July 16
The number of single-family and multifamily workforce renter households totaled approximately 13.5 million in 2017, according to the US Census Bureau. Demand for workforce housing is not limited to individuals and families whose incomes are in the 60% to 100% AMI range. Higher income households o...
Five Trends Impacting Existing Workforce Multifamily Housing Supply
Thursday, July 11
General Obsolescence - Older properties are removed for a variety of reasons. It's having a greater impact, possibly enhanced due to the abundance of 1960s and 1970s product.Site Redevelopment - properties might be scrapped from ground up development of new Class A communities. This is particular...
What Exactly is Workforce Multi-Family Housing?
Wednesday, July 10
Workforce multifamily housing is defined as that in which families earning 60% to 100% of the area median income (AMI) live. Using the nations 2017 median income of $60,336, the 60% to 100% range of AMI roughly equates to between $36,200 and $60,300.Workforce housing is not entirely multi family...
Four Reasons to Pay Attention to Workforce Multifamily Housing
Tuesday, July 09
Demand - Market demand is very strong for multifamily workforce housing, rental communities that are affordable for low to middle income families. Limited wage growth over the past decade has contributed to the high number of workforce housing renters.Supply - Since they can't build new workforce...