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Serving the Middle

By Jamil Harkness, Bailard Inc.

The growing pool of middle-income earners, rising barriers to home ownership, and historically low supply make “Attainable A” multifamily housing an attractive proposition. However, construction costs, labor supply, regulations, and NIMBYism are challenges.

In the largest 40 metropolitan areas of the US, roughly one-third of the multifamily housing inventory (comprising 20 or more units) is made up of “Class A” units. Within this category, the more expensive “Trophy Luxury A” and “Luxury A” units represent 11% (480,000 units) and 52% (2.3 million units) of the available inventory, respectively. The lower cost end of the spectrum, which constitutes 37% of the total (1.7 million units) and represents the second largest segment, is composed of “Attainable A” properties.

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