Opportunity

Improving the resident experience and quality of life for the workforce population.

The Need for Workforce Housing.

There is an immense and sweeping crisis in housing affordability facing millions of Americans.

Real wages for middle class workers have stagnated or fallen in recent decades and yet median home prices continue to rise. While demand continues to increase, new workforce housing remains limited because of the barring high costs of constructing new workforce housing product and renovating existing, previously affordable, Class-B & C multifamily housing stock.

The advent of much stricter lending practices in the wake of the 2009 financial crisis, combined with the stagnation of real median household incomes for middle-wage workers, among other factors, has kept many workforce renters, who would prefer to own, out of the housing market.

Nearly 50 percent of renter households spend more than they can on rent, and more than 10 million households nationwide spend more than half of their income on rent.

What is Workforce Housing?

The U.S. Department of Housing and Urban Development (HUD) creates a yearly statistic to determine the area median income (AMI). Many industry experts place workforce housing as units that target households making approximately 60-120% AMI.

Gray-collar (“workforce”) renters are typically people who make between $35,000 - $75,000 per year and comprise roughly one-third of all U.S.-based renters.

The workforce population is comprised of teachers, first responders, tradespeople, hospital and governmental workers, among others, and is generally made up of people who want to live close to where they work.

How is Urban Communities meeting this need?

Workforce housing residents have long wanted the same benefits and amenities that residents in Class A apartments enjoy.

Urban Communities has found a way to provide a high-quality living experience at a price point that is accessible to workforce residents.

Our Value Proposition

Through the renovation of buildings in underserved neighborhoods, Urban Communities can:

Lower operating costs while improving facilities by overhauling mechanical systems and implementing sustainable and energy-efficient systems;
Pass utility cost savings on to residents;
Increase resident and community engagement; and
Offer an elevated living experience at a rental price that is at or below 30% of AMI

While providing an amenity package that is not currently offered by nearby apartment buildings at a comparable price point.

Our Investment Strategy

Urban Communities invests exclusively in Class B & C multifamily workforce apartment properties
We provide energy-efficient design changes that reduce operating expenses and significantly enhance net operating income (NOI)
Through extensive renovation and repositioning, we convert properties into thriving communities where rents are at or below 30% of the resident’s median income
We focus on safe communities and ongoing resident engagement that provides consistent and stable occupancy levels across our portfolio
Funds are raised to invest in multifamily properties with local partners across U.S. secondary and tertiary markets

Our Value Enhancement

Turnkey Resident Experience

One Bill Pays All

All utilities are set up and bundled into one monthly bill
No need to schedule an installation appointments or keep track of additional bills
Provide our residents with significant savings (up to 40%) on standard utility costs

Compelling Amenity Package

Our residents enjoy additional lifestyle amenities that include:

Overall value enhancement for our residents and brand includes:

Lower turnover
Resident referrals
Active resident engagement
Strong brand loyalty
Consistent resident experience across our portfolio

What sets Urban Communities apart from the rest?

Our sense of community.

view our resident engagement photo gallery here

We believe in creating true communities and providing our residents with ample opportunities to meet one another through engaging monthly events, including: