Why Demand for Multifamily Housing is Rising on Both Ends of the Spectrum

Supply and Demand in the Middle

The primary reason the build of new homes in the mid-priced category have dropped off is demand. As baby boomers downsize after the departure of their grown children, often moving into retirement communities, more already-existing houses and apartments open up for young professionals and young families. Those in this market have often not yet had time to grow wealth.

High-End Technology

Those of all ages with greater-than-average income and/or wealth are seeking technology-driven amenities now more than ever. Living in a house, condo or apartment with safety features such as state-of-the-art security systems and tech created to make life easier, has become a priority to this market. Fully interactive security cams and voice calls at the front door have become a necessity instead of a perk, especially in urban areas where the concentration of people tends to go hand-in-hand with theft. Technology made for convenience is often just as desired such as sensor-enabled touchless faucets and other motion-activated devices. Finally, Earth-friendly technology has never been more a necessity than a convenience to buyers. But, this comes with a caveat – everyone loves to feel they’re helping to cut down on water waste, but not if it requires sacrificing a powerful showerhead. Technology that provides both a powerful waterflow feel with less waste, such as the industry-leading Pioneer Lux-Flow showerheads, are the new standard.

The Rise of Affordable Housing

Our country, and possibly world, is in great need of single-family and multifamily homes that are affordable and available for new residents. As there are many more people in this market than units available, the largest current problem here is lack of supply. Builders who may have been reluctant in the past to enter this arena due to smaller profit margins are now finding government-backed programs and investors who are interested. This has fueled new construction and even retrofitting of unused spaces.

Thanks to more money available to those looking to build affordable housing and a never-ending supply of people waiting to take advantage of increasing supply, this sector is thriving. On the high-end of the housing market, the move of technology designed to provide safety and convenience from a luxury to a necessity has spurred a rise in demand for new construction in the luxury housing sector. This, paired with a decrease in supply for new housing that falls in the middle of the road, has lead to our current situation with surprising growth on either end of the housing spectrum. Forecasts call for this trend to continue.

Do you need a specification package perfectly suited to faucets ideal for affordable or luxury housing? We’re here to help. Please reach out.

There are many ways to the same destination. This saying applies to multi-family housing builds just as much as to anything else in life. The ultimate goal is save as much money as possible while delivering a great finished project – that’s simply showing smart business sense. But, finding a one-off deal or sacrificing quality isn’t the only way to get a healthy ROI. We have a better way.

Pioneer works with professionals every day to develop specification packages and plans that save our valued partners both time and money, sometimes in surprising ways. It’s our goal to ensure your project meets or exceeds its expected outcome. We want to get to know you and your company and show you how we can save you money.  Please reach out via our website form or call us at (800) 338-9468.