What is Multifamily Housing

It is a residential structure that houses multiple separate living units. Just as its’ name suggests, these buildings are designed to accommodate multiple families or individuals within a single structure. With a range of unit sizes and configurations, multifamily buildings offer a variety of housing options to meet diverse needs. Multifamily housing is mostly found in urban settings.

Multifamily Housing is a Popular Choice

Imagine living in a vibrant neighborhood where you can easily connect with your neighbors, form lasting friendships, and create a support system. Multifamily housing can also offer shared amenities like fitness centers, pools, and communal spaces that you can enjoy a sense of belonging and social interaction like never before.

  • Shared Amenities Can Include Laundry Room, Fitness Center, Pool, Recreational Room, etc.
  • Property Managers Encourage Community Events & Social Interaction
  • Furniture May Be Included
  • No Need to Worry About Mortgage / Insurance

With shared maintenance costs (like HOA) you can bid farewell to tedious tasks like lawn care and repairs. Plus, living in a multifamily building often means being situated in prime locations with easy access to schools, shopping centers, and entertainment options. Say goodbye to long commutes and hello to a lifestyle that saves you time and money.

Multifamily Housing Repairs and Roofing

The frequency of repairs is influenced by the constant influx of tenants. With a high turnover rate, the interior parts of the building (such as plumbing, drywall, etc.) have more wear and tear than the exterior parts of the buildings (such as roofing, paint, windows, doors, etc.). The cost of insurance to do work on large buildings like Multifamily units is tremendous. We are commercially licensed roofing contractors and so we know the cost of doing work with such buildings. Because of the influx of tenants it has become crucial to address maintenance issues promptly. Regular roof and exterior inspections and proactive maintenance can help mitigate potential problems.

Multifamily Housing vs Homeownership

Investing in a home versus paying rent for a multifamily housing unit is a decision that many individuals face at some point in their lives. Both options have their own advantages and disadvantages. Ultimately, you will want to save money and get a home – this is the best investment in the long run.

Benefits of Owning a Home:
  • Long-Term Financial Stability
  • Build Equity and Property Value
  • Provides a Sense of Security
  • Tax Benefits like Deducting Mortgage Interest/Property Taxes

Furthermore, owning a home gives you the freedom to personalize and customize your living space according to your preferences. You can make renovations, decorate, and create a space that truly feels like your own. This level of control and autonomy is not typically available when renting a multifamily housing unit.

Benefits of Renting in a Multifamily Building
  • More Affordable in the Short Term – No Down Payment/Closing Costs/Maintenance Expenses
  • Flexibility and Mobility – No Mortgage/Insurance, etc.
  • Good for People Anticipating Changes in Lifestyle
  • Good for Families Exploring Neighborhoods

Renting also provides a level of convenience and reduced responsibility. When you rent, you are not responsible for the maintenance and repairs of the property. This can involve very costly large loss roofing and construction. This can save you both time and money, as any issues that arise are typically the responsibility of the landlord or property management company.