The Missing Middle: Bridging the Gap in Residential Development

For decades, U.S. housing development has been heavily bifurcated: sprawling single-family suburban homes on one end, and dense, mid-to-high-rise urban apartment buildings on the other. What has been systematically underbuilt is the "missing middle."

Defining the Missing Middle

Missing middle housing refers to house-scale buildings with multiple units in walkable neighborhoods. This includes duplexes, fourplexes, cottage courts, and townhomes. These structures provide higher density than single-family homes but maintain a neighborhood scale.

The Investment Opportunity

From an investment perspective, missing middle housing offers an attractive risk-adjusted return. These projects often face less organized community opposition than large apartment complexes, require shorter entitlement timelines, and appeal to a vast demographic of renters and buyers who are priced out of single-family homes but desire more space than a traditional apartment.