Home builders and developers are rethinking housing types to best suit the current market's demands and demographics.
A lot of focus is on millennials, a large group entering the housing market requiring lower price points. UrbanLand reports one millennial-oriented housing development in Detroit, 28 Grand, is offering units less than 300 square feet with rents less than $1,000 per month.
“There is a need for innovative housing,” said Adam Ducker, managing director of RCLCO, a real estate advisory firm based in Washington, D.C. He said there is a difference in cutting-edge design and new kinds of housing that represent new business opportunities that work.
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