At the present time, buying a home is no more a luxury, but it is a big necessity. At the same time, as the costs of real estate properties are touching the sky, it almost has become impossible to buy homes or apartments with satisfying locations and good architectures. Besides, different types of cultural, demographic and economic shifts along with the political policies are influencing the latest trends in the affordable housing market.
This is why for more than 2 years; the trend of affordable housing is reflective of the increased demand for rental properties. Besides, the rising costs of homes are also afflicting the market when the incomes are stagnant and also the supply of multi-family units is limited. The United States is now facing a big challenge in terms of the affordability of the multifamily units. While homeownership continues to be a vital goal that people mainly strive to get, renting is also gaining immense popularity along with the cultural backgrounds and age groups.
With the increase in the appeal of the urban lifestyle and increase of employment in cities, property owners and developers are now discovering some great opportunities in the suburbs surrounding the popular cities. The percentage of renting properties is more than earlier generations and now people also consider renting as an affordable way of remaining in proximity to the urban core. It means that renters are also looking for the same feel of an urban center. Therefore, it becomes necessary that the affordable housing units stay within 20 minutes distance to different public services like as transportation.
Developing affordable multi-unit properties:
Most of the housing options mainly catch the attention of deep-pocked clients, who are in search of luxury amenities and developments. But these costs are just unaffordable for the middle-class people, who look for rental opportunities. But some developers offer lower operating costs to attract all the potential renters in a fragile financial condition. So, they are designing smaller units with affordable spaces with attractive locations, different types of energy-saving features and multifunctional units. Adopting micro-apartments actually pays off as these are really affordable.
Sustainable living offer more affordable living, create less energy consumption and also include highly attractive places to rent and own. Therefore, most of the tenants and owners are looking for sustainable living through the green buildings. Besides, the building owners also offer green leases as the incentives for the tenants to recycle and to use public transportation. Besides, the common areas include hydration stations to dispense purified water.
Owning or developing affordable multi-family housing:
It is updated that the popularity of multi-family housing, mainly renting is just surpassing the supply in the year 2017 and also in this year. Although it is actually tough to find multifamily units at present, most of the middle-class families mainly look for these properties only. It is because; developing or purchasing attractive multi-family units are really attractive now as these units are sustainable and cost-effective, which fulfill different aspects of urban living in various demographics.