It is another time of the year where the recurring question comes up, whether to buy or rent a house. This has been a critical question for ages and may still be relevant for years to come.
Buying or renting space are the two relevant options available for having a living space. Before deciding which of these two options to go for, it is important to consider several factors, importantly the economy and market trends, regarding housing.
This era is remarkably different from other times as many sectors were positively and negatively affected by the Covid-19 pandemic. Housing in the U.S has faced some tremendous changes as well.
Uprise in the apartment and multifamily properties
We are not in the post-pandemic era yet, as the economy is still susceptible to changes due to the virus. However, there has equally been an increased demand for housing units. This increase in demand has led to the building of more properties across the states.
More notably is the growing number of multifamily properties being developed; the reason for this is not far-fetched. For those not familiar with the multifamily sector, it includes several individualized apartments built into a single structure. It allows rental for more than one family, which is a great solution for meeting the demand for housing in the U.S.
Current Rental Trends in the United States
The renting status in the U.S. reveals that there is an upward trend in apartment rental status. Over 44.1 million U.S. households rent their homes – this amounts to about 109 million Americans living in rental properties. The renting trend in the U.S. has been difficult to follow in recent times due to fluctuations resulting from external factors like unemployment, pandemic, inflation etc.
There is no shying away from the fact there has been an increase in the cost of rent over the past few months. Despite this slight increase, there is still an increase in individuals pursuing rentals in the U.S.
Multifamily apartments are indicating a more comprehensive way of solving this challenge, as it gives more room for occupancy as well as the demand for more housing units. With a higher demand for living units throughout the U.S., there is more opportunity for renting housing units
Changes in rental property development
However, people are not just looking for houses to rent. They are looking for high quality and improved amenities in the multi-family property they are renting from. Some of these luxury amenities in apartments cuts across entertainment, health-related, and convenience of the users. Some of which include:
Hygiene stations (sanitizers and wash hand basins)
High-speed internet and cable T.V.
Electric car charging stations
Aside from these amenities that have added to the increased rental status in the U.S, people are also in demand for quality housing units close to cities and their work hubs. This makes the apartment rental status placed on two main criteria – a well-furnished apartment and an apartment close to metro areas.
Real Estate Development In Raleigh, Charlotte & Nashville
Catalyst Capital Partners is committed to developing areas and cities where it is actively present by providing innovative housing solutions. Our team will continue to invest and support the development of multifamily properties across the metropolitan areas of Raleigh, Charlotte and Nashville.
If you have any questions regarding our multifamily housing projects, feel free to get in touch!