At the National Multifamily Housing Council's largest gathering of the year, developers discussed the sustainability of the multifamily asset class, highlighting the 537,904 units under construction in the US.
Despite concerns of a recession, Mill Creek Residential’s president and CEO Bill MacDonald says not only is the high construction sustainable, there’s even more room to grow, GlobeSt reports.
A cross-country developer who's built 15,000 units since 2011, Bill says his renters average only 23% of their income going towards rent, when the national average is around 30%.
MacDonald sees urban centers—especially hot tech markets—as the breadwinner in multifamily, and expects that to continue. [GS]
