3 minutes read
August 20, 2019
When it comes to finding a place to live near work, school, and family entertainment, more people across the country are turning to multifamily housing options.
Multifamily vacancy rates had trended beneath historic levels at 7.1% for the third quarter in 2018, meaning more individuals and families are staying longer in rental housing, according to the National Association of Realtors.
With such low vacancy rates, developers are looking at modular construction as a cost-effective method to create apartment buildings and rental homes.
Modular construction involves creating most of the building off of the construction site. Pieces of the structure are shipped to the building site, where sections are combined to construct the finished building. This construction method provides immense benefits to real estate investors, property owners, and contractors.
Modular Construction Benefiting the Rental Real Estate Market
Every area of the rental real estate industry has come to recognize the benefits of modular construction methods. Developers, investors, and property owners are turning to modular construction for faster construction methods at the right prices. They can move up project deadlines due to the fewer labor costs, which saves them money in the long run. In addition, they are assured that the construction will be completed while the real estate market is still strong. Property owners can obtain signed leases and sell condos faster so they can continuously turn a profit.
Meanwhile, contractors who have experienced a decrease in available tradespeople are offering modular construction options as part of their services. They can get the job completed faster with smaller work crews to save on manhours and labor costs on their end. The contractor can quickly build the modular multifamily building and move on to the next project without missing any deadlines.
City development organizations have also looked at modular housing as a cost-effective way to offer rental housing to residents. The need for affordable housing has grown in large metro areas, as people move from rural areas to live in the city. Modular construction ensures that multifamily homes can be constructed quickly with little disturbance to surrounding homes and commercial complexes while cutting down on budget costs.
Partners Help Improve the Modular Construction Process
While modular construction is a turn-key solution for creating affordable multifamily housing, it’s only a part of the entire construction process. A property owner still needs to have the rental units offer everything that tenants desire to lower vacancy turnover rates. Seeking out manufacturing partners can speed up the final leg of the construction process by offering the products and materials to fully equip the apartment rental.
For example, a completed shower system can be installed faster when seeking out the latest technologies, such as the Temptrol Rapid Install™ shower valve. This shower valve comes with a rapid install mounting bracket—the only bracket of its kind in the industry. A plumber can use the bracket to install three shower valves in about the same time it takes to install just one. Also, the plumber can order the mounting bracket factory-installed onto the shower valve, which saves time and labor on the job site.
Use creative solutions to speed up the completion of your multifamily project, such as the Temptrol Rapid Install system. For additional assistance for your property’s unique needs, you can rely on the expertise of the Symmons multifamily team.