The Future of Multifamily Housing and Generation Z

The CEO of Redlands, California-based firm The UCR Group, Stephen Reeder is a real estate development executive with experience in master planned communities, condominiums, single-family homes, and subdivisions. Most recently, Stephen Reeder and his colleagues at The UCR Group have focused primarily on the development of multifamily housing projects in the San Bernardino County area.

According to data from the first half of 2018, the multifamily housing market continued to experience a lucrative growth trend in the first six months of the year. As competition in the market also continues, investors may look to consider a new factor that industry experts are expecting to significantly influence the future of multifamily housing: the “Generation Z” renter. 

Leadership from the firm 365 Connect notes that, though the Millennial generation is noted for the significant amounts of money its members spent in real estate rental, members of Generation Z are likely to spend even more. At the same time, this group is notoriously difficult for marketers to understand, as they represent the first generation to grow up in a fully digital world. Early recommendations for multifamily housing investors who wish to appeal to Generation Z renters include focusing on high-tech amenities, opportunities to engage with new life experiences, and designs that inspire those who are naturally entrepreneurial.

From Groundbreaking to Grand Opening: Development in Action

Stephen Reeder, CEO of the UCR Group in Redlands, California, directs major real estate projects from initial investment to completion. Stephen Reeder’s expertise stems from understanding the complex process of development.

Archipreneur magazine describes four stages of this venture: project initiation, conception, management, and marketing. Developers seek to minimize risk in all four phases, since their control over the project decreases over time.

- Initiation. One of three approaches drives this preliminary work: 1) a location looking for capital and an idea, 2) an idea looking for location and capital, or 3) capital looking for an idea and location. The rough outline of a project emerges, followed by acquiring financing and land.

- Conception. A feasibility study takes into account the project’s costs and benefits, and analyzes its competition, market, and purpose. The developer either launches or abandons the project, depending on its projected profitability.

- Management. The developer works out the nuts and bolts of the project, finalizing its design, selecting contractors, and coordinating its completion.

- Marketing. This phase should start early to attract clients and reduce financial risk. Starting soon enables marketing experts to leverage their knowledge of a community’s economics to help sell or lease the project.