A US apartment giant opens its first modular complex as prefab homes go big
.jpg)
You’re going to be modular… America’s biggest apartment developer, Greystar Real Estate Partners, is going all in on modular homes. Yesterday it opened its first modular apartment building near Pittsburgh. Unlike a traditional home, built on location, a modular home is mostly built in a factory before being transported and assembled on-site. Prefabricated homes are commonly used to provide affordable housing in cities, but Greystar’s new complex aims to put the fab in prefab with amenities like gyms, pools, amphitheaters, and bocce courts.
DIY: Greystar said the complex was built about 40% faster than its traditional home projects, required only a third of its usual workforce, and created 90% less waste.
ROI: The modular complex was around 10% cheaper to build versus a traditional multifamily project in a similar area. The trend’s catching on…
Small homes, big dreams… The pandemic-era housing crunch and sky-high home prices have exacerbated the need for more affordable housing. In October, Walmart began selling tiny homes online for $16K (they’re expandable and made of steel). Rivals Home Depot and Amazon also sell mini homes. And during the pandemic, one of Airbnb’s founders launched an accessory-dwelling biz (picture: small homes for backyards).
Old foundations can be current solutions… Modular homes make up less than 4% of the current real-estate market but are growing fast as builders try to meet housing demand and consumers look for more accessible options. And experts say modular homes can be ready for occupants in less than a year — potentially a lot faster than it takes to build a traditional home.