Leader from Greystar, nation’s largest multifamily developer, talks need for more attainable housing in Cincinnati

Leader from Greystar, nation’s largest multifamily developer, talks need for more attainable housing in Cincinnati

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Greystar is the largest multifamily developer in the U.S., and its reach spans well beyond that into 200 global markets.

For the firm’s senior managing director, Julie Skolnicki, there’s a big piece of the pie missing in communities including Cincinnati she is trying to address: attainable housing, or “the missing middle.”

Attainable housing is also commonly referred to as impact housing. It’s the sort of housing stock that aims to be affordable to those making around the area median income, or AMI, and doesn’t rely on federal subsidies or tax credits in the way affordable housing does.

Greystar pictures most of its tenants in attainable housing being essential workers like nurses and teachers, Skolnicki said. Those renters earn too much to qualify for subsidized housing, but they often don’t make enough to afford the rents of new market-rate apartments.

What’s getting funded right now is garden-style apartments, Skolnicki said, which are usually comprised of low-level buildings surrounded by greenery.

Cincinnati is under-built, but Skolnicki said that’s changing, with many Class A apartment communities under development. There’s more density and mixed-use developments, and the region needs to keep building that with intentionality, she said.

The region could also benefit from more infill housing, or the addition of new housing to existing neighborhoods.

https://www.bizjournals.com/cincinnati/news/2023/12/04/greystar-uc-real-estate-roundtable-attainable-home.html

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