As the demand for multifamily housing, particularly rental properties, grows, trends are changing. How developers and architects are working to attract potential tenants is changing. If you’re looking to get into multifamily real estate, like Steven Taylor Landlord, paying attention to these changes is important. Here are some of the top trends in multifamily real estate.
The demographics of renters are shifting. Many renters are millennials, who aren’t buying houses as early as previous generations did. As a result, they’re likely to rent for longer periods. At the same time, baby boomers are starting to move into apartments as they’re looking to downsize. With their children grown and living on their own, they’re finding they don’t need the space a traditional home provides.
Renters Want Tech
Technology is everywhere and is making lives simpler. Homeowners are turning to automation, giving them greater control over various aspects of their houses. Renters want the same thing. Some popular smart features that potential tenants are looking for include locks, thermostats, and lighting. Features that boost the building’s sustainability can also attract green-conscious individuals.
Amenities are Everything
Renters want amenities in their apartment complexes. One of the most popular is a fitness center. A fitness center that offers classes and saunas is even more attractive. Rooftop terraces are becoming a must, as are co-working spaces. Pools are still very popular amenities. For those with children, child-friendly amenities are a big draw. These include such features as an on-site playground and childcare.
Many individuals looking for an apartment have at least one pet. As more pet-friendly apartments are being created, the need for amenities that cater to four-legged companions is increasing. These include such things as a dog park and wash stations.
Paying attention to the multifamily real estate marketing trends is crucial for investors and property owners. Tenants are often willing to pay more for what they want, which can only help you if you can deliver.