Lock and Go: Three Trends for Modern Multi-Family Livingby: Steven J. Boyington
With more people gravitating towards “lock and go”, low maintenance lifestyles, multifamily development has become more and more prevalent in recent years. If you’re considering building new multi-family complexes in 2015, it’s essential to understand the latest trends in housing to get the most out of your investment.
Here are some tips to help you keep a pulse on the needs of potential renters in 2015:
Some Things Never Change: Prospective tenants are always going to start at square one—site selection. Leasers will always be driven by location. Having points of interest like restaurants, gyms and shopping destinations close by will significantly increase buyer interest. Learn the area, cross promote with local businesses, and provide residents with useful knowledge.
Diversifying Unit Types: Baby boomers and millennials often want to live in the same place, but emphasize different needs regarding housing. Baby boomers might want more of a traditional feeling of home while younger residents desire smaller dwellings with less upkeep. Mixing up townhome units with flats and mid-density apartments casts a wider net and offers potential renters more options.
Common Areas: Shared spaces become a major selling point in multifamily design because they help establish a sense of “home” for residents and create an environment where they can interact with friends, family and neighbors. Club rooms, fitness facilities, yoga studios, business centers, and poolside amenities play a huge role in the clientele a development attracts, as it increases a unit’s perceived value.