As the prices and demand for housing units in Los Angeles continue to rise, more and more people are getting interested in the idea of multi-family housing. Multi-family housing is driving the construction market with the number of new units built reaching 547,000 from 2021 to 2022 which is the greatest annual increase since the 1980s. As of March 2023, 960,000 multi-family units were under construction and this has attributed to slower rent growths, which represents a positive step toward addressing the housing shortage that has resulted from decades of underproduction. 

The global multifamily modular & prefabricated housing construction market which is currently worth USD 47.56 billion in 2023 is expected to grow to USD 62.62 billion by 2027 compounding annually at a rate of 7.1%. Developers are now leveraging California’s density bonus law, “which allows developers to build more dense housing on a lot in exchange for dedicating some of the units for low income families” to bypass many zoning codes and building regulations such as height limits and parking requirements. Combining the advantages of modular and the allowances provided by the law, only solidifies modular multifamily housing as the way to go to combat the housing crisis.

Modular construction accounted for approximately 6 percent of new construction last year in North America. Considering the popularity of modular construction and the huge benefit it brings, the federal government has recently begun supporting it as well. The Biden administration last year announced the possibility of introducing financial plans for modular construction to help boost housing supply. In an effort by the Housing Supply Action Plan to develop approximately 500,000 multifamily units over the next decade, USD 25 billion has been proposed to be set aside for grants for Affordable Housing Production, which would include new modular projects.

With the huge opportunities of multi-family properties investment, the 2nd Annual Modular for Multi-Family Housing Symposium by Trueventus is aimed to create a premier destination for construction industry professionals to gain insights and experience first-hand on the latest innovations and opportunities in modern methods of construction. Learning directly from the modular experts how to apply effective streamline workflows, improve productivity, generate stronger profit margins, and take advantage of the excellent networking opportunities throughout the symposium.