Odd Lots Why We Don't Build More Apartments for Families
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Feb 27, 2023 Bobby Fijan, a savvy real estate developer, teams up with Stephen Jacob Smith, the brain behind the Center for Building in North America, to tackle a pressing issue: the scarcity of family-friendly apartments in urban areas. They explore why most new builds cater to singles or couples, leaving families in a bind. The duo delves into the complexities of building regulations, contrasts North American designs with more accommodating European models, and advocates for innovative solutions to create spaces that truly meet family needs in the city.
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Unit Size and Profitability
- Smaller units yield higher rent per square foot, driving returns for new apartment buildings.
- Developers maximize profits by prioritizing numerous small units over larger family-sized ones.
Family Apartment Needs
- Families primarily desire more bedrooms in apartments, not excessive amenities.
- Current US building codes often mandate extra space, increasing costs and making larger units less affordable.
Lack of Qualitative Data
- Real estate data often lacks qualitative details about apartments, like floor plan nuances.
- This makes it difficult to assess the true value and livability of a space beyond basic metrics.