The Details and Importance of Demographics - Multifamily Real Estate Development
If you're a real estate developer looking to work in multifamily housing, you're going to need a firm grip on the demographics of your market.
In this video, the CEO of Urban Pacific, Scott Choppin, discusses how he understands his own corner of the real estate landscape and how the company at large interacts with market demographics.
From this video:
Scott: What we do know. Is that there, are certain cultural demographics around who would use this unit. And in California, our predominance of renter, the renter Avatar is a Hispanic family. The interesting thing that we found is that these families already live this way. They already live with the income and expense sharing. And in fact, what you'll find in a larger family group is that they may live in two or more adjacent units, an apartment building, or they live in one part of the family lives here. Thanks for watching today's video about the details and importance of demographics when it comes to multifamily real estate development!
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