Housing Strategy | ENVISION FRANKLIN 7 HOUSING SUPPLY AND TRENDS • The three most common existing and approved housing types in Franklin are single-family homes, townhouse/condominiums, and apartments. • It is difficult to distinguish the scale of multifamily buildings in the current broad classifications. Much of the “missing middle housing” is invisible (commonly properties with 2 – 12 units). • According to the American Community Survey, 51% of the multifamily rental buildings constructed from 2000 - 2019 contained 20 units or more. Another third contained 5 – 19 units. • Only 123 (2%) of the multifamily properties built in 2000 – 2019 contained 2 – 4 units. • Franklin has had a steady approval of new housing units, ample pipeline, and consistent stream of new units over the last 7 years. • In 2022, there were 12,748 approved residential units in the pipeline. With the 2022 new construction rate of 1,094, there is a ratio of approximately 1 new home for every 12 in the pipeline. • Franklin’s experience with rapidly rising home prices and rents are signs of a competitive housing market. Additional indicators support this description including less than 30 days on market for most for-sale homes, and low vacancy rates for rental units. • Multifamily units in Franklin are meeting an important market demand. Identifying multifamily options at a scale and design that work for Franklin, and adopting policies to support their production, is preferable to simply reducing approvals of multifamily units. Photo Credit: City of Franklin
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