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Updated almost 2 years ago,
Should counties/township encourage investors to build small multi family (2-4 units)?
In my area (greater northeast phila) I find it difficult to find land that is approved for Multifamily zoning, only single family. After doing the numbers it often just doesn't work out. Even if the land use allows multi family it is a PITA to deal with the township to get any kind of approval to build. I am not looking to build a whole development but maybe 2-4 higher end duplexes. I know that these kind of units would be in extreme demand and would create a lot more good housing. I see cities like Seattle allowing you to erect additional buildings on your lots without much pushback. Wonder if this is going to be a trend and what kind of states will allow this.
I can see this being beneficial in a few ways:
1. New construction Multi family should tame the drastic increase in prices of existing multi family since they will have a premium being new
2. Provide additional housing
3. Give more opportunities for new buyers to enter the market (those who could use the rental income of the other unit to cover their expenses)
4. Provide turn key investments for all types of investors.
Would love to hear what other are seeing in their areas. In mine its too tough to get approval.
- Alan Asriants
- [email protected]
- 267-767-0111