The popularity among the new trend that is Modular is sweeping the nation, especially in areas that were recently hit by natural disasters such as wildfires and hurricanes. Modular is providing these areas the ability to rebuild their communities in a fraction of the time. By building modular buildings developers have been able to save upwards of 25% of the construction time versus what is typically seen with conventional construction.
BGO Architects’ Erik Earnshaw says that the response about the concept is overwhelming stating that, “the industry is ready for modular and most people are embracing it. I keep hearing that this is what we need to think about and where we need to go.” Before we know it, modular will be the way to build and developers and investors alike should be embracing the concept now if they truly want to remain competitive.
When it comes to modular building, there are a number of benefits that are attracting developers and investors of multi-family properties. The most important and attractive benefit is its affordability, modular buildings allow for more affordable development and ultimately more affordable housing for renters.
Not only are big time companies taking advantage of modular building, but so are local communities. Los Angeles has partnered with KTGY Architecture + Planning to design an affordable modular project using shipping containers, which will help produce homes for the homeless. The project dubbed, Hope of Alvarado, will be complete in just a matter of 6 months; constructing nearly 84 units off-site while site work and foundations are being done on-site.
Many developers do have their fair share of concerns when it comes to the cut in construction time, but what many don’t realize is that with a cut in construction time comes more available time to work on even more projects. Rather than spending months or even years on one single project, modular allows developers and their teams the ability to better allocate their time and efforts so that they can work on multiple projects at the same time.
To learn more about modular building and how this latest trend is changing the multi-family market check out Mulitfamily Executive’s article, http://www.multifamilyexecutive.com/design-development/design/multifamily-industry-ready-for-modular_o .