As a key market for our modular bathrooms, Oldcastle SurePods keeps a close eye on the multi-unit residential construction market – which includes apartments, condos, dormitories and military housing. The sector is looking solid heading into 2018, with some potential changes in types of properties residents will demand.
A headline from BD+C magazine this fall sums up their take on the multi-family portion of the multi-unit residential market: “Bubble? What bubble? Apartment and condo construction simply can’t keep up with demand.” The author drives home this point with the observation that the number of potential renters and condo buyers increases by one million per year, yet only 400,000 new units get built. Multi-family housing demand is being driven from two ends of the demographic spectrum – the urban living fans of the Millennial generation, and Baby Boomers selling their suburban homes for an apartment or condo in the urban core.
Looking ahead to 2018, about 300,000 multi-family units will be built, according to John Sebree, first vice president of Marcus & Millichap’s National Multi Housing Group, as quoted in Multifamily Executive (MFE) magazine. This is in line with the National Association of Home Builders forecast of 350,000 multi-family starts, down slightly from 2017’s 356,000 starts. Investors will shift from class A to class B and C properties, predicts Yuen Yung, CEO of private equity firm Casoro Capital, due in part to oversupply of Class A communities.
SurePods pre-fab bathrooms have been installed in multi-unit residential projects ranging from affordable housing to high-end senior living. Click to see examples of projects we’ve been used in.