Taking charge of growth and demand
People moving to urban cities like Nashville are looking for quality of life , affordability , comfort , updated and clean-living space
and access to amenities in a multifamily community . The multifamily housing market is expanding , with more than two million units built around the country in the last decade . The tremendous increase in the popularity of renting is fueling construction growth .
A shortage of available homes has contributed to the low vacancy rates . As a result , rents are rising to new heights and many families remain in their rental apartments . This has prompted investors to make large bets on rental properties , pushing up demand for multifamily properties , which promise faster scaling and are easier to finance in some situations .
A persistent high rental demand versus supply is a driving element behind the increase in multifamily projects . The housing scarcity has accelerated the construction of new housing . Forward-thinking multifamily investors may earn reasonable profits while posting the supply of market-rate
homes in the coming years , lowering renter costs in the bloated rental market .
Construction companies must take charge of housing demands with multifamily housing projects to support this explosive growth in metropolitan communities . ■
David Frazier www . hardaway . net
David Frazier is the CEO and owner Hardaway Construction . For nearly 100 years , Hardaway Construction has remained Nashville ’ s respected construction veteran . The company provides pre-construction , general contracting , designbuild , construction management , and building information modeling services . Built on a legacy of quality , honesty , and integrity , Hardaway Construction provides premier construction services to clients across all major industries . of modernhb . com 9