Bruce D Strebinger says that multi-housing units have long been popular in the US, particularly for individuals and families who want to cut down on maintenance and conserve their budget at the same time. Now that we're firmly entrenched in the effects of the pandemic, though, people are questioning exactly what the future of this sector will bring.
From location to amenities, these properties present unique benefits and obstacles to the people involved. Bruce has built and sold several units, and he weighs in on which trends are likely to influence the future.
A Blend of Affordability and Luxury
Opting for a multi-housing unit can be something of an exercise in compromise. A buyer might be searching for a reasonably priced property without the corresponding mortgage of a single-family home. People are also migrating around the country based on everything from health to lifestyle concerns as Bruce D Strebinger explains to us in more detail.
With the economic crunch of COVID-19, buyers and renters are seeking out the benefits of this specific type of real estate in sparser cities. There are concrete advantages to this strategy. Bruce has seen his properties provide easy access to urban excitement without having to give up space or their sense of security.
It's setting up the future of these units - whether being built from scratch or refurbished - to provide practical and luxurious amenities without raising the prices to unreachable heights. This ultimately means tapping into what people consider luxuries today.
Bruce D Strebinger on the Residents of Multifamily Housing
Bruce affirms that millennials are likely to drive this market. With an average age of just over 30, knowing this group and Bruce D Strebinger says that this is pivotal to appealing to their sensibilities.
This generation has mainly become comfortable with the idea of renting. They may prefer it if they want the freedom to move based on their personal to professional lives. They're also unlikely to want the same things that their parents did. Multi-housing units may be more likely to boast a thriving dog park as they brag about granite countertops.
It should be noted that this doesn't mean other demographics, including senior citizens, are declining in numbers. This is more of a commentary on the general trends that inspire changes in buyers' and renters' habits.
There's also a big push for inclusion across the property. More diversity in multifamily housing means more exposure to different points of view. It can even mean better relationships that push the boundaries of residents and help them become better people.
Bruce D Strebinger