Fact: Revenue generated by multifamily housing communities has exceeded the cost of additional students coming to the districts, making these developments CASH-POSITIVE additions for local schools. This and more from a recent report commissioned by the Long Island Regional Planning Council that examined seven multifamily housing developments on Long Island that found that these types of communities are not causing significant enrollment increases in area school districts.
50 of the last 64 hearings for these types of projects over the last four years have seen more support than opposition. According to a 2015 study of housing preferences by the Long Island Index, nearly one-third of Long Island residents expect to live in multifamily housing in five years.
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Millennials expect more when they rent. Generally speaking, millennials are also better educated and have higher income levels than previous generations of renters. Many have careers that are associated with technology, in part because they’re the first generation to grow up with the internet. Some of the main factors that millennials take into consideration when deciding where to rent include:
- Walkable, urban areas with access to amenities
- Access to public transportation
- Pet friendly properties
- Secure and safe buildings with great curb appeal and clean, renovated living space
- Open floor plans, large windows, stainless steel appliances, high-end fixtures and finishes
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On Long Island single-family homes remain pricey and there are relatively few alternatives. Long Island has become more accepting in recent years of multi-family housing. Over in the rental market, the vacancy rate on Long Island was just 2.3 percent in the fourth quarter of 2018 compared to the rental vacancy rate across the U.S. was double that last year at 4.6 percent.
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