5 Intriguing Trends to Track in Multifamily Housing
Across the United States, multifamily housing is a popular choice for those who live in cities, are on a budget or don’t want to own a home. In fact, there are more renters now than at any point since 1965. With this rise in multifamily housing comes a host of trends previously unseen.
If you’re in the market for an apartment, consider the intriguing developments below.
1. More Control With Technology
Today’s tenants want more than a standard unit — they want a space they can control with the touch of a button. Fortunately, home hubs and integrated smart technology make that dream a reality. Using a phone or other Wi-Fi enabled device, renters can lock doors, turn on the lights, control the vacuum, switch on outlets and much more.
Experts expect the smart home market to reach more than $53 billion in value by 2022, growing 14.5% annually. Apartment dwellers enjoy the control and convenience these gadgets offer, with more connected devices likely hitting the shelves in the coming years. According to one survey, renters even prefer smart features over amenities like video surveillance and on-site child care.
2. An Abundance of Amenities
With an abundance of competitors, multifamily housing complexes look to attract new tenants with exciting amenities. Some sights are familiar, such as swimming pools, fitness rooms and laundry services. Doorkeepers and concierge services also cater to tenant needs, such as collecting packages and directing visitors.
More sophisticated amenities are surfacing, as well. For instance, some units offer outdoor dog parks for pet owners or indoor play areas for children. Beyond the standard gym, you may find buildings with NBA-regulated basketball courts or full-service spa and therapy rooms.
3. A Look at Affordable Luxury
With rooftop decks and terraces being must-haves for apartments and sky rise buildings, multifamily units can elevate the space in other, more affordable ways, such as with decor. Bamboo, a sustainable resource, has become hot in recent years and can be used for several projects. Bamboo fencing, for instance, can provide a building with privacy, plus offer a secure space for kids and pets.
Many building managers are also switching to sustainable furniture, items made from renewable resources, reclaimed wood or repurposed objects. Pieces such as multipurpose chairs or recycled plastic tables often mimic modern art and can liven up any apartment or common area.
4. Eco-Friendly Living Options
Today’s consumers understand the dire state of the planet. As a result, they’re looking for ways to minimize their carbon footprint — including with housing. Many multifamily units cater to this desire by opting for LEED certification, a green building program that emphasizes efficiency in every aspect of design.
These green dwellings comply with environmental laws, reduce waste, offer access to sunlight and focus on renewable resources. Plus, they’re highly attractive to tenants. LEED-certified buildings command the highest rents, and vacancy rates remain 4% lower than standard properties.
5. Work and Play Common Areas
Apartments, especially in cities, are becoming smaller. Many buildings incorporate common spaces that resemble the look and feel of hotels to combat the claustrophobia. Residents can gather socially, relax or complete work in these areas, many of which include furniture and carpeting.
Rooftop decks and terraces are trendy, especially ones equipped with comfy seating, sound systems, TVs, outdoor kitchens and barbecues. Some complexes also add in-house cafes and coffee shops that serve food and beverages, spots that often offer USB ports and Wi-Fi connectivity.
Top Multifamily Housing Trends to Look for in 2020
With so many people renting rather than owning homes, apartment complexes look for new ways to appease their tenants. From technology to common areas, these trends point toward a desire for maximum convenience and quality. How will multifamily housing change further in the years to come?
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