More Roommates, Fewer Spots: Today’s Multifamily Parking Challenges
The multifamily sector could face a significant shock in the coming months. Despite the persistence of high rental prices, numerous renters are foregoing home ownership due to the challenges, stress and expense of buying. This confluence of factors raises the likelihood of more households with roommates in multifamily communities. It also increases the risks of financial challenges for owners, particularly in regards to parking.
Even with an influx of new supply and the slight deceleration of rent growth across various regions, housing costs present a significant challenge for many residents. Solo renting is simply unfeasible for some renters. Compounding this is the continuous news regarding the decreasing formation of single-family households, removing a key catalyst for turnover in multifamily.
