The rebounding housing market echoes the successful regrowth of the economy and expansion of city populations. Additionally, traditional construction methods are struggling to provide the affordable housing solutions demanded by large metro areas. The raising needs for both rentals and affordable housing are resulting in a nationwide housing shortage.
Unexpected Housing Shortage Solution
Leading the trends in today’s housing market are millennials. Millennials are choosing to be renters rather than home owners in an effort to remain debt free. Their minimalist lifestyle requires more rentable condos, townhomes and apartments, but with the same quality materials and communities traditional construction efforts provide. Before the recession of 2008, thousands of rental properties in cities across the nation were converted into condos and homes for purchase. Now that our economy and the housing market are rebounding, the demand for rentals is high but supply is low. One way for cities to address the demand for new, high quality rental properties is through modular construction. Modular housing has evolved leaps and bounds from prefab, temporary trailers into efficient, modern construction and is proving to be the housing shortage solution.
Changing the Modular Construction Reputation
In the past, modular construction has been associated with lower quality materials and communities such as trailer parks. However, despite the popular misconception, modular homes appraise the same as their traditionally built counterparts and do not depreciate in value over time. Home loans for modular homes are also the same as those for traditionally built homes and are traditionally less expensive to begin with. Architecture and Design of AU states, “As is the case with some of history’s greatest innovations, prefabricated modular construction methods have their critics. However, the industry is now beginning to realize the true value of these superior building methods.”
Save Time and Money with Modular Construction
Modular homes are constructed off-site simultaneously to the construction site prep work saving month of construction time and cost. Swift off-site construction also saves surrounding residents from the plaguing sounds of construction for months on end. Instead, residents watch modular homes be delivered and installed in a matter of hours. Modular construction is naturally environmentally friendly helping residents save money monthly. The design possibilities with modular housing are nearly limitless. The reduced cost of construction allows for high-end quality design features desired by new home-shoppers. Millennials are discovering that with modular construction they can live in a space that is modern, eco-friendly, and designed to fit their lifestyle all at an affordable cost.
Affordable Housing Solution in Northern California
Modular construction is quickly becoming the popular housing shortage solution in cities struggling to meet housing demands such as California. Recently, Northern California turned to modular construction for help addressing their need for an affordable housing solution. Parkside Studios were designed to provide 59 affordable units including 18 for the chronically homeless. The modular construction was completed at 5% under the cost and 5 months short of traditional construction methods. With modular construction being naturally environmentally friendly, Parkside Studio residents will also enjoy energy savings that are 15% higher than California’s Title 24 requirements.
Affordable Structures is the leading designer and installer of permanent modular buildings in the Southeast and the Caribbean. For an affordable, fast, and quality solution to the serious housing shortage, contact Affordable Structures and discover what all modular construction can offer.