Whether or not you’re familiar with the term, if you have ever rented an apartment, townhouse or duplex then you know what multifamily real estate is.
Multifamily is a classification of buildings that contain more than one legal housing unit or residence. This includes everything from a tiny duplex, to a 20-acre apartment complex or a high rise building with 500 rental units.
Condominiums are also included in the multifamily development category. Residential condo units are owned outright by individuals who pay an association for upkeep of the amenities, common areas, buildings and grounds.
Multifamily residences can be positioned side by side and share walls horizontally, be stacked vertically on top of each other, or both. This allows more individuals to live comfortably in a smaller area. In addition to basic living space, multifamily developments often offer amenities like pools, tennis courts and fitness rooms which are owned communally. This makes luxury amenities much more affordable for each resident compared to the costs for similar amenities in single family living.
Smaller family sizes and economic changes throughout the US have greatly increased the development rate of of new multifamily residences in most cities. These kinds of developments have also become increasingly popular due to the reduced environmental impact of more condensed living spaces and shared amenities.
