Multi-family properties continue to provide excellent opportunities for investors in our area. The market is consistently strong for all types of multi-family rental properties. This includes everything from duplexes and triplexes, to large apartment complexes with hundreds of units.
In recent years there has been a significant upswing in the construction of new apartments. When this trend started, there was concern that the market might not have enough demand. That does not seem to be the case. Many investors are doing exceptionally well with their entry or expansion in the rental property arena. And even though there are many new apartments added to the mix, many owners of existing properties continue to see good returns.
Our observation is that are a number of reasons for the strong rental market. As is the case with just about everything related to real estate and the economy, Fort Knox plays a significant role. Even though the BRAC process in 2010 brought in huge numbers of permanent residents who bought homes, Fort Knox still has a large active duty population that is subject to being here for a relatively short period of time. Many of these people find that renting is their best option.
Another trend is that younger people are waiting a little bit longer before buying their first home. This fact keeps them in the rental market longer, making the rental market stronger.
If you are interested in multi-family properties, contact us. While many properties can be found in MLS, we often know of investors with properties that aren't listed, but are open to things such as a 1031 exchange.