-April 23,2022-
Just this week the City of Visalia’s Site Plan Review process heard plans for 730 new apartments or multifamily units that are included in 4 developments around town and likely to be built in coming months. This compares to just 204 units being built in 2021 that was a record year for residential construction in the city.
Even more impressive, Visalia has permitted only 783 multi family units in the past ten years!
As interest rates climb some single family buyers will not be able to qualify for home loans.But less so for apartment. Indeed the most recent national housing statistics show multifamily new construction gaining in March while single family activity is slowing.
Among the latest projects on review – one is in NW Visalia, one near Goshen Ave and Demaree and one in SE Visalia at Ben Maddox and K St.
Previous to this, another 700 units were proposed around the city in the first three months of the year including a big complex across from Costco.