Experts Discuss Housing Trends in MultifamilyPro+’s Annual Report
Andy Heinen, P.E. and Meaghan McGee, P.E., LEED AP, were featured in MultifamilyPro+’s 2023 Multifamily Annual Report, where they discussed the top trends in market-rate multifamily housing and senior living. Presented by Building Design+Construction, the Multifamily Annual Report highlights the construction forecast and trends in multifamily subsectors. Our experts featured in the report highlighted notable shifts and challenges in multifamily rental housing and senior living markets.
Multifamily Rental Housing
Changes in demographics, economics, work, and overall lifestyle in America have led to shifts in the housing market. Many buyers and renters are beginning to prefer apartment living, and construction is trying to keep up with the rapid demand. Meaghan addresses issues facing multifamily rental housing, such as underbuilding, lack of affordability, safety, security, amenities, apartment size, and redevelopment of existing buildings.
As reported by the 2020 US Census, one in six people in the U.S. are 65 or older, and architects, engineers, and contractors are creating innovative solutions to meet their needs. Andy said one of the biggest game-changers for senior community designers is the population’s demand for luxury amenities. He also explained that developers need to place more emphasis on the property’s exterior appeal to create a warm environment for current and future residents.
According to the report, the United States will need to construct 3.7 million new apartments by 2035 to accommodate demand. As the largest designer of multifamily housing in the country per Building Design+Construction, Kimley-Horn will continue to adapt, innovate, and construct living facilities within this crucial building sector to give residents an increased opportunity to make these spaces their homes.
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