Renters mean big bucks for residential construction companies
March 12, 2012 by Sarah
The economic downturn has forced many Americans to rent instead of purchase their own homes. In metro Atlanta areas like Duluth, homeownership is at a six year low of 65 percent. As a result, developers in the state are building thousands of new apartment units this year in an effort to take advantage of increased demand for rental units. Such an assumption should help restore some of the 90,000 construction jobs that have been lost in the state since 2007.
There are numerous reasons for the sudden surge in the rental market. Foreclosure pushed many homeowners to rent. Instability in the housing market has prompted others to rent instead of risk purchasing a house while prices are still falling. Others are renting because they are unable to secure a mortgage loan from bank or brokerage. Younger professionals choose to rent in order to prevent being caught in a long-term mortgage.
As a result, builders are expected to commence construction on 7,400 new apartments in metro Atlanta areas like here in Duluth. This represents a dramatic increase from the 2009 low of 1,684 units in 2009. The target demographic for these apartments is primarily young professionals seeking residence in diverse metropolitan areas with access to transit.
Print shops in Duluth and other Georgia towns should make sure they have plenty of ink and paper ready once construction is completed. The builders and management companies for these apartments will need to promote such spaces. Consequently, demand for catalog printing showcasing these apartments will be high.