Doesn’t matter how much multifamily you build, there’s always going to be a demand for more, says Parkview Financial CEO Paul Rahimian (here with sons, twins Tyler and Colin).
A growing number of people simply want to live in apartments, Paul says, and Millennials in particular want apartments with amenities and retail within walking distance. So is the American Dream of owning a home dead? Paul tells us that nationally, we are at a 40-year low in homeownership. In LA County alone, the percentage dipped below 48%; one out of every two people are renting, not owning. This is driving developers, with a huge uptick in multifamily building in the past 18 to 24 months. This includes re-evaluating projects that were once considered dead during the downturn. Paul also reports that rents are going up due to lack of supply, and that’s not limited to just one area.