Construction activity has returned to pre-recession levels and is surging in the multifamily market. Fueled by the recession, the demand in this market has risen. However, the facilities being built today have a completely different flare than pre-recession developments.Renting is the New Buying- The real estate collapse of just a few years ago shattered the idea that home ownership was the no-risk way to riches. Many Americans found themselves upset and upside down in their homes. Post-recession many Americans are now preferring to rent rather than to own their own homes. Both Millennials and Baby Boomers are seeking the comfort of living in affordable, ideal neighborhoods that provide amenities and flexibility they desire. It's now up to your landlord to mow the lawn, remove the snow, and take care of home repairs.
Supply and Demand- The Kansas City market is currently at 95 percent occupancy and is seeing growth with units popping up across both sides of Missouri and Kansas. Multifamily construction has risen to the top for the first time in Kansas City receiving 3,168 multifamily permits in comparison to the 3,126 single family permits in 2014. With these permits developers are working on adding housing units and developments to revitalize abandon areas in downtown and the suburbs. With the strong rental demand and lots of new supply the market is forecasted to be sunny for years to come.
The Finished Product- The current market demands high-end luxury apartments that have a long list of amenities. Competition for the most desired residents continues to bring more options, amenities and better planned communities. Block Real Estate Services, LLC (BRES), is meeting the current market demand for high-end apartments with our newest developments WaterCrest at City Center and CityPlace. Both of these luxury developments offer a variety of sought after style and amenities such as:
- Designer features
- Stainless steel appliances
- Granite counter tops
- Tall ceilings and elegant crown modeling
- Personal full sized washer and dryers
- Wood flooring
- Yoga Studios
- 24-hour fitness centers
- Pet washing stations & dog parks
Leaders of Block Multifamily Group (BMG) and Block Funds, both services of Block Real Estate Services, LLC, (BRES) recently attended the 2015 National Multifamily Housing Conference (NMHC). While at this premier event, they collaborated and gained industry insights on current market trends from other industry leaders. Attending events like NMHC allows our BMG and Block Funds team to obtain knowledge in the multifamily market.
Learn more about BMG services when you download the Kansas City Market Report here.
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