It has become a challenge for low and middle-wage workers to rent or purchase decent housing for comfortable living in the US says Maxwell Drever. The reasons fall into two main areas 1) soaring real estate prices and 2) limited affordable workforce housing supply. These shortages have forced many people to move far from their workplaces. This doesn’t mean that workforce housing is only for those earning low wages. It’s just the kind of housing in a specific neighborhood or community that a worker in a particular field can afford. Those workers can be hospitality staff, maintenance professionals, retail workers, healthcare or social workers.
Workforce housing – is there a bias?
You might think most neighborhoods accommodate people in this income bracket, but actually, they do not. The lower-wage workers in metropolitan cities cannot afford housing in or near their service regions. In addition, many towns resist the approval of workforce units while others simply do not permit luxury multifamily units. The existing real estate investors have doubled their focus and efforts on developing multifamily workforce housing units. At the same time, Real estate developers who invested previously in luxury multifamily units have launched innovative workforce housing units during early 2020. This shift in focus and surge indicates that workforce housing is still the future of multifamily housing worldwide. Although it’s still not sufficient to meet the workforce population demands, the development in this sector will continue to grow.
What’s the Big Deal about Affordable Workforce Housing?
In the past few years, affordable workforce housing has emerged as a recession and pandemic proof real estate category. Prominent names such as Maxwell Drever have made invaluable contributions to the field.
Affordable Workforce Affordable: A unique solution that begins to solve a big problem.
There is a way to begin to address the affordable workforce housing shortage. In fact, says Maxwell Drever, the platform is currently the only way. The good news is that the solution is becoming increasingly popular. The bad news is that seven million new units need to be added to the current total inventory to house every person wishing to live in clean and high-quality affordable housing.
Because of the success of the affordable workforce housing platform, money from investors, and interest from developers with likely result in boom-like activity with the result being millions of new apartments being made available to a population patiently awaiting there arrival.
activity from developers Maxwell Drever is proud to be at the forefront of addressing the workforce housing problems. And partnering with real estate investors to provide affordable housing solutions. Through its efforts, Maxwell Drever is assisting in closing the gap between various workforce housing communities and providing solutions to the crisis of multifamily housing on a global scale.