Living better in 2021: Multi-housing
Kitchen tables became desks in the biggest work from home experiment of all time. Meanwhile, the housing affordability crisis skyrocketed as millions lost income during the pandemic. These trends and more call for transformation in the multi-housing sector.
- Focus on function: Here's a curveball: larger apartments are increasingly in demand, reversing the trend over the last decade toward smaller units with shared amenities. Renters working from home at least some of the time demand more space and flexibility.
- Keep it simple: Apartment owners have had to quickly activate technology solutions, from mobile apps to online rent pay. This pre-existing trend will accelerate this year.
- Be part of the solution: The more than 400,000 luxury multi-housing units set to deliver in 2021 will not solve the affordable housing crisis. Across the country, only the thoughtful development of mixed-income communities will alleviate the pressure.
Spread in asking rent growth for units larger than 1,000 s.f. vs. units smaller than 1,000 s.f.
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