This is no different in Madison, Wis. Just ask Mike Lee, a vice president with the Madison office of national real estate finance company Walker & Dunlop.
“Multi-family remains the most robust type of commercial asset we have in Madison,” Lee said. “We are seeing new developments in this sector. We are seeing rising rents. It really is our strongest market sector.”
There are two sets of reasons for why multi-family is doing so well in Madison. First there are the national factors. Lee points out that many consumers are still either leery of buying single-family homes and condominiums or unable to qualify for mortgage financing. These people are choosing rental housing.
Then there are the factors tied to Madison itself. They city tends to attract that special class of renter, those who rent by choice.
Downtown Madison and the neighborhods surrounding it are in-demand places to live, Lee said. People like the activity, the restaurants and the retail options. They like the night-life spots, theaters and green spaces.
The University of Wisconsin helps bring people to downtown Madison and its many apartment units, too, as do all the government jobs associated wtih Madison being the state capital.
“Our urban areas are a little more dynamic,” Lee said. “There is more convenience for residents. They can be located close to restaurants, retailers and other amenities. They’re close to sporting events, plays and night-life. It’s a great place to live.”
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