Millennials and Factors Driving Multi-family Construction
I’ve spent my career building partnerships with owners and developers — particularly those in the multi-family market. I have seen the ebb and flow of the sector.
Recently, I had a chance to sit down with a few of my largest developers and discuss the challenges they face. These include rising costs and a shortage of construction labor, which can contribute to temporary pauses in certain markets. Another factor that is affecting the market is home affordability, particularly for millennials.
Millennials, who are often burdened with student debt and lower salaries, are sticking to apartments, and keeping the multi-family construction sector strong.
In my video blog I examine the elements that are making it difficult for the 75.4 million millennials in the United States to purchase a single family home. I also look at which cities and states can expect the most growth in multi-family construction and what to expect over the next decade.
This post originally appeared on Oldcastle’s Building Solutions Blog.
