The sharing economy has been responsible for a number of things, most notably the culture of people sharing living spaces. From the USA to the UK and across vast portions of Europe, likeminded people are living with each other in the name of community, convenience and networking.
The term ‘multi-family’ refers to one such example. Similar to ‘co-living ’ but on a much broader scale, multi-family is a form of housing where several separate housing units are contained within one building, or even several buildings within a complex.
Who Is Multi-Family For?
For all its familial connotations, multi-family developments cater to a diverse range of people – not just families. At its roots, it housed young people with disposable income. In recent years, however, older people have started to take notice of the benefits that multi-family living has to offer.
With its vast appeal, multi-family housing is for everyone. It is an international form of co-living that caters for the requirements of ‘generation rent’. Whether it’s communal spaces where residents can socialise or a responsive onsite maintenance team, this form of modern housing comes with plenty of perks.
In terms of city-centre developments, there are two main demographics that are commonly targeted: ‘empty nesters’ and young (millennial-age) professionals drawn to urban living. We use the term ‘empty nesters’ to refer to those who want to downsize after their children have left home (derived from the phrase ‘fly the nest’).
Both groups are similar in that they look for good location and convenience, with a minimal commute to work for the millenials and nearby amenities for the empty nesters.
What About the Future of Multi-Family?
The demand for rental property is growing while the values of homeownership are dwindling. In fact, research from the Urban Institute shows that new renters will far outpace new homeowners. Its headline finding reveals that when millennials reach their prime house-buying age in 2030, only 38% of them will actually own homes of their own. When you compare this to the 46% of baby-boomers who owned property in the 1990s, the gulf is clear.
So, the growth of our build-to-rent market continues onward. Not just in the UK either, but internationally.
In booming metropolises across Europe, people are choosing to rent over owning homes. The landscape has changed and, with it, generation rent is far more entitled to a quality of living that is usually reserved for homeowners. Stability, community and convenience are what matters.
We’ve made location a priority, along with attractively designed apartments for rent. With four developments across London, there’s something for everyone. Call us on 0800 2100 200 or fill in an enquiry form.
