4 Common Multifamily Myths Debunked

1. 4 Common Multifamily Myths Debunked Every industry has some myths associated with it and real estate is no exception. Let’s understand the common myths that are tagged along with multifamily property. A multifamily property is one in which more than one family lives. Townhouses, duplexes, semi-detached homes are different kinds of multifamily properties. Some of the common multifamily myths: Myth 1: People feel that the crime rate in multifamily units is higher than that in single-family housing. Reality: The fact is that a lot depends on how the crime is reported. According to Arizona Multifamily Housing Association, the perception that the crime is high in multifamily units arises from the number of calls made by the occupants to the police. If you compare a property with 100 residents with the one where a single

2. family lives, then the basis of comparison is unfair and thus the results will be biased. Myth 2: Opponents of multifamily property feel that such developments are a burden on the school districts. Reality: As per a study conducted by the American Housing Survey concluded that since apartments are a better proposition for singles or couples without kids, so the question of burdening the resources doesn’t arise. Myth 3: People feel that such properties are hard on the pocket than single-family homes. Reality: The fact is that per unit cost of a single-family home is higher than that of a multi-family dwelling and you get more facilities in less amount. As far as occupancy is concerned, the owner will not run out of cash if one or two units are unoccupied. But if a single-family property remains unoccupied, the owner will face a financial crisis. Myth 4: There is a negative relationship between the value of the house and multifamily property. Reality: Multifamily developments follow the job trends, so with the increase in working communities in multifamily properties, the prices are positively related and not vice versa. Visit www.estesgroup.net for more details.