5 Multifamily Housing Trends You Should Be Aware Of
In the past years, there has been immense growth in the multifamily housing sector. The tremendous growth includes new constructions, prospects, and even rental rates. Never has there been a more favorable time for any multifamily property owner than now.
The multifamily building is the perfect option for those who don’t want to own a home, are on a budget, or live in cities. There are more people in need of multifamily houses now than in the mid-1900s. With the rise in mixed-use designs and multifamily buildings, there are loads of trends available.
Multifamily Housing Trends
Keeping up with trends can be a hard task in most cases. As a property manager, owner, and investor, you need to be up-to-date with the trends. Attracting and retaining residents is the aim. To do that, you need to be updated on the multifamily housing trends.
There are many multifamily housing trends that are available. Here are a few of them that you should be aware of;
Tenants today want to live in the best-automated houses. A comfortable space they can control by speaking a few words or by touching a button. Thanks to modern technology, integrated smart technology, and home hub make it possible. With your phone or other devices with a Wi-Fi connection, you can do a lot. You can control lights, switch on outlets, lock, and open doors and so much more.
The smart home market keeps growing each year and will continue further even in 2023. Tenants and homeowners enjoy the convenience of these gadgets and more connected devices are hitting the shelves in coming years. Most renters do prefer smart features in their homes over video surveillance.
Eco-Friendly Living options:
Consumers now understand the current state of our planet. This is why more people are looking for ways to reduce their carbon usage which includes housing as well. To cater to this desire, a lot of them opt for the Leadership in Energy and Environmental Design (LEED) Certificate. LEED is a green building program that promotes efficiency in every area of design.
These dwellings follow environmental laws. They help reduce waste, focus on renewable resources, and offer great access to sunlight. They are also very attractive to tenants and have a nice selling point. Vacancy rates for these types of buildings are about 4% lower than regular properties and command the highest rent.
Due to the high number of competitors in the multifamily housing market, everyone tries to use anything possible to attract tenants. Having enough exciting amenities is a nice way to start. Sights like swimming pools, fitness places, and the like are good examples. Concierge services and doorkeepers to cater to needs are not left out.
A lot more sophisticated amenities surface every day. Which is why you need to keep yourself up-to-date. Some mixed-use design offer indoor play areas for children and dog parks. You can also find basketball courts, therapy rooms, and spa services in the multifamily property.
Play and Work Common Areas:
Apartments are now becoming smaller and smaller most especially in cities. A lot of buildings try to incorporate common spaces that have the feel and look of hotels. The idea is to enable them to fight the feeling of claustrophobia. Residents get the chance to relax or complete their work in these places with nice carpeting and furniture.
A few of them have rooftop decks and terraces. Some are equipped with sound systems, comfy seats, barbecues, outdoor kitchens, and TVs. In some mixed-use designs, you will find coffee shops, and in-house cafes serving beverages and food. Nice spots that offer Wi-Fi connection and USB ports as well.
Rooftop decks and terraces have now become must-haves for sky-rise buildings and apartments. Multifamily buildings can offer such space in more affordable ways with top-notch decor.
Bamboo being a sustainable resource has become a high commodity in recent years and can serve many projects. For instance, bamboo fencing can provide a building with the needed privacy. Also creates a safe space for pets and kids.
Multifamily building managers are now switching to sustainable furniture. Items from renewable resources like repurposed objects or reclaimed wood. Pieces like recycled plastic tables or multipurpose chairs. They often liven up any apartment and mimic modern art as well.
A lot more people prefer to rent than to own homes. Multifamily housing developers and investors look for more ways to attract them. From smart technology to common areas and luxury, it all points towards quality and convenience. How constructing a multifamily property will look in coming years remains a question but for now, it is the trending choice.
If you want the best mixed-use design or the best multifamily property design and construction, look no further. S3DA design firm has what you need. That’s why the company remains the best construction firm in California. Contact us for your design and construction needs.