- The American dream of owning a home is rapidly becoming an unaffordable and unattainable goal for many people. Flat wages, insufficient savings, rising debts and increasing living expenses are realities faced by Baby Boomers, Millennials and other generations everyday.
- More than 1 in 3 Americans now renting vs. owning & lending standards for homebuyers are tightening.
- The multifamily industry faces many hurdles in supplying new apartment units at an affordable cost to market, with the vast majority of new units higher-end properties at top of market rents.
Characteristics of Workforce Housing
- Existing properties typically built between 1970’s – early 2000’s
- Class B, C & D
- 39% of Housing Renters
- Unsubsidized Affordable Housing
- Outperforms newer properties in occupancy and rent growth
- Generally shielded during downturn
- Tenants renting by necessity, not choice
- Millennials & Baby Boomers
Multifamily Provides Relief & Opportunity
Flexible. Convenient. Affordable. Profitable
- Multifamily housing provides access to desirable locations otherwise unaffordable with flexible and convenient lifestyle opportunities.
- Workforce Housing – Class B & C properties in safe, desirable & convenient living areas offers affordable opportunities for tenants & investors where value can be added and profits can be maximized.