Rising housing costs in urban cores and a demand for rental housing is driving more multifamily development to exurbs and small metros.
Multifamily housing development is shifting to less dense areas, according to new data from the National Association of Home Builders.
As Leslie Shaver explains the Home Building Geography Index in Smart Cities Dive. “The market share of apartment starts in large metro core counties continued a long-term downward trend. In 2016, it was 45.1%. Since then, it has fallen 9.4 percentage points to a 35.5% share, the lowest level since the HBGI’s inception.” The growth is largely in exurbs and small metro cores, as well as rural areas.
The shift could be due in part to rising housing costs and the migration of more people to lower-cost, less-dense areas. “Land costs are one key element driving up costs, so it makes sense that developers would start moving to less dense areas where dirt is typically cheaper.” The percentage of renters over 30 is also at an all-time high of 72 percent, meaning more adults with partners and families are seeking rental housing.
Read the full story: Multifamily construction migrates to less populous areas, housing association says
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