I’ve spent my career building partnerships with owners and developers - particularly those in the multifamily 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 multifamily 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 multifamily construction and what to expect over the next decade.
Thanks for watching! Are you interested in seeing who else is keeping the multifamily sector strong in the U.S.? Download our slideshare on the state of the construction industry in 2017 and important influencing factors.