Igor Krivoruchko is a real estate expert with decades of industry experience to his name, especially in apartment communities and other multi-family housing. Below, he helps readers understand how trends in multi-family real estate are rising and what’s driving the move from single-family units.
For over two decades, Igor Krivoruchko has been an instrumental component of many residential housing projects across the country, focusing on multi-family real estate since the early 2000s. He’s become a major voice in the trending multi-family development field and frequently shares his insights with his peers and with online readers.
After working in real estate for a few years, Krivoruchko recognized the growing potential of multi-family developments: the opportunity for high rental cash flow and the decreasing trend of single-home ownership. He formed his own ventures in the field and managed a range of construction projects to meet the growing need for multi-residential style buildings.
“Multi-family housing provides unique benefits and a lot of reliability that purchasing a single-family home can’t compete with,” says Igor Krivoruchko. “The housing market right now, plus shifting priorities as new generations invest in real estate, have convinced many people to find alternative housing.”
In addition, Igor Krivoruchko believes three other major factors are driving the popular multi-family real estate trend:
Baby Boomers Want Smaller Houses
The American dream of the big house and yard––space for the whole family––is getting old for a lot of Boomers now that their children are grown and out of the house. Downsizing can save them a lot of money, and they can acquire amenities that set them up for a more enjoyable retirement elsewhere. Boomers are embracing city life and moving to more urban and populated areas to find housing.
Millennials Branching Out on Their Own
Just as millennials were beginning to invest in real estate or move out of their parents’ houses, the housing crisis hit hardest and changed the industry. Fluctuations in housing prices have turned many of the millennials branching out on their own to invest in amenity-rich apartments and similar community-style housing. They are often the last to invest into single-family homes, preferring the ease of condos and apartments.
Those who seek out urban hotspots will inevitably have to sacrifice lawns, individual driveways or parking spaces, and square footage. However, people are choosing to lose these components if they can find sustainable amenities like wellness facilities, on-site parking, maintenance, and in-house cleaning crews, among others. This allows them to continue living busy, often hectic lives without being slowed down by traditional responsibilities of owning a home.
“These elements are enough of a tradeoff to convince a huge percentage of people to avoid investing in suburban houses and to seek out the affordability and sustainability of multi-family real estate,” says Igor Krivoruchko.