by Dan Rafter
Affordable and multifamily developers don’t plan on slowing their construction efforts this year, at least not according to a recent housing survey released by Lancaster Pollard.
According to the company’s survey, which Lancaster Pollard sent to about 2,400 multifamily and affordable-housing pros in January, 69 percent of respondents said that they are extremely likely to pursue a construction project in the coming year. An additional 11 percent of respondents said that they were somewhat likely to do this.
Add it up, and 80 percent of respondents said that they will likely pursue a construction project in 2016.
Lancaster Pollard reported that only 16 percent of respondents said that they are extremely unlikely to pursue a construction project this year.
Multifamily and affordable-housing professionals are also looking to renovate their properties this year. A total of 79 percent of respondents said that they are either extremely likely or somewhat likely to pursue a substantial renovation project in the next 12 months.
Almost half of respondents — 49 percent — told Lancaster Pollard that they expect the rent at their existing housing properties to increase by 1 percent to 3 percent in the next six months.