What Is Multifamily Housing?
More than one-third of rental housing consists of multifamily units. As a renter and investor, there are several things to consider when choosing a multifamily property over a single family house. Let’s take a look at what multifamily housing really is, and the pros and cons if you are thinking about getting involved with one.
Multifamily housing is defined as a building that houses more than one family at a time. Apartments, condos, townhouses, duplexes, and quadruplexes are all examples of multifamily housing options. The building can be owned by one person who rents out the units, or each unit can be owned individually.
There are several challenges to managing multifamily units. There are lots of different personalities all contained in one building. You may have residents who don’t get along with each other, or residents who don't get along with you. Managing different personalities can be hard, but it is important. You also may have more repairs to deal with. There are more units, with more potential problems. Be sure to check in on the units regularly to make sure that there are no hazards or repairs needed.
There is only one building with multiple residents. You can make more income by renting to multiple clients at a time, while also only paying taxes on one building. With a bunch of residents in one building, it is harder to hide something from everyone. Someone who has a pet in the building without your permission will surely be spotted. Extra residents will be noticed by neighbors. If you only have a one-family unit, it is much easier for people to hide things.
When choosing a rental property, it is important to get one that will work for you. If you are looking for tips and help, look no further than Occupancy Solutions. We have all the information you need for running your team and managing rental properties. Contact us today so we can get you started.