Real estate professional Igor Krivoruchko has been an integral part of development projects for decades and today is recognized as an expert on multi-family housing units. He helps readers understand below how the multi-family real estate market has skyrocketed in recent years to an all-time high.
Igor Krivoruchko is a real estate professional who’s overseen building projects across the country for decades. He’s spent years studying trends in the multi-family real estate market (focusing primarily on the field since the early 2000s) and believes that now is the golden age for these types of properties.
“The idea of the perfect house with the yard is growing stale to a lot of people today, especially baby boomers and the generations that follow them,” says Igor Krivoruchko. “There are plenty of factors driving the trend to downsize and find lodging in multi-family properties, but one of the biggest determiners is lifestyle preference.”
Apartment communities and other complexes eliminate a lot of regular chores that a standalone home would require. For one, residents in apartments never have to worry about mowing their lawns, power-washing sidewalks, and cleaning or repainting building exteriors. A lot of issues within the home can be solved by maintenance teams and property staff, such as repairing a dishwasher or unclogging a toilet. Immediately, moving over from a single-family home to a community-style complex takes away a lot of the daily responsibilities of owning a home and gives people more free time to spend on whatever they please.
Igor Krivoruchko believes that the baby boomer generation is finally buying into the multi-family property lifestyle instead of setting their sights on traditional suburban homes. Ultimately, downsizing saves them a lot of money and provides amenities that set them up for a more enjoyable retirement. Because boomers are embracing city life and moving to more urban and populated areas to find housing, the popularity of multi-family developments in larger cities climb higher every year.
Another major reason there’s an increase in multi-family real estate is that the Millennial generation has begun to leave home and set up on their own. Buying a house is typically too expensive for this generation right from the start, so they opt-in for multi-family complexes that are more financially lenient. In addition, they appreciate the lack of responsibilities, and it allows them to spend their time doing things they love or working towards an alternative lifestyle.
“The people who seek out urban hotspots have to sacrifice things like lawns, individual driveways or parking spaces in addition to square footage,” says Igor Krivoruchko. “However, sustainable amenities like wellness facilities, on-site parking, maintenance, and in-house cleaning crews prove to be some of the most attractive components to people right now. Without being slowed down by traditional responsibilities of owning a home, residents in multi-family developments gain more freedom and time to pursue growth, which is what most people seem to be after these days.”