Why is multi-family so hot? Partly it’s because so many consumers today want to live in the hearts of urban areas. And they don’t want to live only in major cities such as Chicago, New York City or Los Angeles.
So-called second-tier cities across the Midwest — places like Milwaukee, Indianapolis, Cleveland, Kansas City and St. Louis — are attracting plenty of renters to their downtown hubs, too. These renters want to walk to public transportation, shops, restaurants, bars, libraries and other amenities.
But this only tells part of the story of how the multi-family boom across the Midwest and United States.
PM Guardian, an online company that provides application and tenant screen for property managers, recently put together its own history of what it calls “The Great Rental society.” You can check out PM Guardian’s rental timeline below. It’s well worth reading if you work in the property management or multi-family sector.
And if PM Guardian’s research is correct? We can expect the multi-family boom to last for a long time.