FARMINGTON, N.Y. (WROC) More people are choosing single-family homes rather than renting apartments in the Rochester area.
According to a national report of September rates, the construction of new apartments is down more than 28 percent, while construction of single-family homes went up 0.3 percent.
Chief Executive of Rochester Home builders Association Rick Herman said one of the reasons could be the low existing inventory which pushes people to look elsewhere.
“We’re seeing the, the single family detached and the single family attached market very active right now,” Herman said. “And we’re seeing less of the apartment complexes going through the approval process or in the building stages.”
In Monroe County there were over 1,300 homes for sales in the third quarter of 2019. In the same time period there were over 3,000 new listings added to the market.
For construction companies like Sortino Properties, this means more jobs coming in for building single-family homes.
Some of the reasons behind this trend could be an all-time low in interest rates, an increase in national income, or the lower unemployment, according to some leaders in Rochester.
“The shift in multi-family, I think, was really because there was pent up demand for a number of years, you had a number of baby boomers, and true for the national market as well as the local market,” Herman said.
The construction for properties at Monarch Manor started two years ago-
and many houses are already finished or are in the construction phase. Property mangers said there are 150 lots available for development, and the national trends for single-family homes are good for business.