With retail and hospitality industries in a perpetual state of uncertainty since the global pandemic started in 2020, real estate investors have been drawn to multifamily properties. There is particular excitement about properties in areas outside of major metros, like Jacksonville. During the pandemic, these more affordable, less dense areas have become newly popular with former urbanites looking for more space and easier access to nature.
Investor group Investcorp expanded its holdings in these suburban markets, spending $330 million to buy five Class B Properties in suburban Jacksonville, Atlanta and Baltimore in 2021. “Looking ahead, we believe that multifamily real estate, and particularly class B, will continue to be a highly sought-after asset class given its ability to offer consistent yields,” said Michael O’Brien, managing director and co-head of North America real estate at Investcorp. O’Brien believes the benefits to investing in multifamily now are likely to continue or even be enhanced after the pandemic is over.
In 2021 Ari Rastegar, who owns a real estate company that specializes in “recession-resistant” development, mentioned in a Forbes piece “With the need for stable housing and more people pouring into smaller metros, the rental market is one of the few that’s set to boom in 2021”
Rastegar pointed to the number of young people who had moved in with their families and would be looking to head back out on their own, most likely to apartments. “The lasting effects of the pandemic will be far-reaching, particularly among millennials, likely meaning a longer stay on the rental market than previous generations,” he said. “Many will be reluctant or completely unable to make large purchases, such as a house, meaning a sustained demand for rental units for years to come.”
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