The Pacific Coast Builders Conference focuses heavily on single-family construction. But this year’s PCBC (June 27-29, San Diego) had a strong dose of multifamily-related content, according to an excellent report by Patricia Kirk, in National Real Estate Investor. Among the trends Kirk noted:
1. There’s a lot of growth ahead for the multifamily sector, said Kim Edwards, SVP, J.P. Morgan Real Estate Banking. Long-term growth in occupancy rates is projected, Edwards told PCBC attendees.
2. Millennials in the 20- to 34-year-old age bracket are not the only group looking for apartments, said Ron Witten, Witten Advisors LLC, a multifamily market advisory firm. All age groups under 65 are showing demand for rentals.
3. Mixed-use projects are entertaining more non-traditional uses, such as museums and conference centers, said Jonathan Cox, SVP, AvalonBay Communities, a publicly traded multifamily REIT.
4. It is wise to lease the retail component of mixed-use projects first, said Kimberly Byrum, Principal, Meyers Research. The retail creates a “destination” that helps in leasing the multifamily units.
5. Apartment units in mixed-use projects don’t necessarily outperform the market in rent growth, according to Byrum, but they may stimulate rent growth for the larger neighborhood. A walkable environment can add $100 to $125 a month to rentals. It also produces higher yields.
For more, go to: http://bit.ly/2urV2nf.
Related Stories
Multifamily Housing | Apr 12, 2024
Habitat starts leasing Cassidy on Canal, a new luxury rental high-rise in Chicago
New 33-story Class A rental tower, designed by SCB, will offer 343 rental units.
MFPRO+ News | Apr 10, 2024
5 key design trends shaping tomorrow’s rental apartments
The multifamily landscape is ever-evolving as changing demographics, health concerns, and work patterns shape what tenants are looking for in their next home.
Mixed-Use | Apr 9, 2024
A surging master-planned community in Utah gets its own entertainment district
Since its construction began two decades ago, Daybreak, the 4,100-acre master-planned community in South Jordan, Utah, has been a catalyst and model for regional growth. The latest addition is a 200-acre mixed-use entertainment district that will serve as a walkable and bikeable neighborhood within the community, anchored by a minor-league baseball park and a cinema/entertainment complex.
Multifamily Housing | Apr 9, 2024
March reports record gains in multifamily rent growth in 20 months
Asking rents for multifamily units increased $8 during the month to $1,721; year-over-year growth grew 30 basis points to 0.9 percent—a normal seasonal growth pattern according to Yardi Matrix.
Industry Research | Apr 4, 2024
Expenses per multifamily unit reach $8,950 nationally
Overall expenses per multifamily unit rose to $8,950, a 7.1% increase year-over-year (YOY) as of January 2024, according to an examination of more than 20,000 properties analyzed by Yardi Matrix.
Affordable Housing | Apr 1, 2024
Biden Administration considers ways to influence local housing regulations
The Biden Administration is considering how to spur more affordable housing construction with strategies to influence reform of local housing regulations.
Affordable Housing | Apr 1, 2024
Chicago voters nix ‘mansion tax’ to fund efforts to reduce homelessness
Chicago voters in March rejected a proposed “mansion tax” that would have funded efforts to reduce homelessness in the city.
Standards | Apr 1, 2024
New technical bulletin covers window opening control devices
A new technical bulletin clarifies the definition of a window opening control device (WOCD) to promote greater understanding of the role of WOCDs and provide an understanding of a WOCD’s function.
Adaptive Reuse | Mar 26, 2024
Adaptive Reuse Scorecard released to help developers assess project viability
Lamar Johnson Collaborative announced the debut of the firm’s Adaptive Reuse Scorecard, a proprietary methodology to quickly analyze the viability of converting buildings to other uses.
Green | Mar 25, 2024
Zero-carbon multifamily development designed for transactive energy
Living EmPower House, which is set to be the first zero-carbon, replicable, and equitable multifamily development designed for transactive energy, recently was awarded a $9 million Next EPIC Grant Construction Loan from the State of California.
