Good News in the Multifamily Market

Good News in the Multifamily Market

There’s good news to be found in the housing the multifamily market.  Mark Herschmeyer, atCoStar Group, tells us that “the apartment market has become one of the real estate industry’s — and the broader economy’s — best hopes for a return to the good old days.” 

The numbers bear up this optimistic commentary: in the last 12 months, there’s been a net increase of 1.4 million households in rental housing.  And, new construction starts are at their highest since the end of 2008 with the pace of development activity increasing in most markets.

Another interesting statistic is that a “substantial piece of the overall apartment demand story,” according to Michael Cohen at CoStar is, the middle-aged demographic (basically, ages 35-64 years).

Cohen asks, “I wonder whether developers truly understand the contours of their renter base.”  Do you?  How does this changing demographic impact your marketing efforts?  As Cohen, suggests, it’s the middle-aged household that is interested in stainless-steel appliances and granite countertops.  There’s a broad segment of the multifamily market with an interest in location, amenities and features; how have you adjusted your product and marketing for this demographic? 

Doesn’t an interactive touchscreen provide an effective way to reach this market?  Let your “new” prospects browse through floorplans, explore the neighborhood and search based upon their criteria.

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