In recent years, Austin Texas has experienced significant growth and development, with an increase in population and a booming economy. As a result, there has been a higher demand for housing in the area, and multifamily housing has quickly become the solution for this need. From an enhanced sense of community to economic development and a cleaner environment, read on to learn just how greatly multifamily housing has forever changed and left a lasting impact on Austin’s communities.
Enhanced Sense of Community & Increased Density
One of the bigger impacts of a multifamily property is the increased density of the local area. When multifamily buildings are built in a community, the population of that community increases. This can lead to more foot traffic, more public transportation usage, and more demand for local businesses. When you have this increased density combined with communal spaces both within the multifamily property and in the surrounding area, residents tend to feel a stronger sense of community. Multifamily housing can shape the way people live, work, and interact with each other. All of this leads to a happier and more vibrant area that will keep your residents renting for longer.
More people means there is a greater need for more local businesses. Many developers have found that when a new multifamily community is constructed in the area there is a need for more retail space as well. This allows for the local community to grow and new businesses to have places to open. In some cases, developers are choosing to build integrated spaces where there is retail space on the first floor and living space on the floors above creating an even more diverse community where you can live, work, and play without ever needing to travel outside of your area. These types of buildings can give developers the ability to generate more revenue as they’ll be able to rent at one rate for the businesses and another for their residents allowing them to create a higher profit.
As mentioned above when you create entire communities by creating mixed-use developments that combine residential and commercial spaces you can have a significant impact on the overall livability of a community. Providing residents with convenient access to local amenities allows them to be less dependent on their vehicles which helps to reduce traffic and air pollution creating a healthier environment. When you combine a cleaner environment with more ability for businesses to flourish and a stronger sense of community, you’re creating a local area that is highly attractive to potential residents to lease in your multifamily building and stay there for the long term.
In no secret that multifamily housing has had a major impact on development in and around Austin, TX. As the demand increases for affordable housing that includes a thriving local community more investors are choosing to build in Austin and are choosing to build mixed-use developments. These developments help create more walkable neighborhoods, spaces for new businesses to open, and a healthier environment for all who work, live, and play in them. As Austin continues to grow, attractive and competitive multifamily housing will continue to be a vital component to the development of the vibrant city of Austin.