With multifamily developments skyrocketing in the last 5 years, it’s important for developers to stay on their game when it comes to maintaining distinctive appeal in order to compete. The multifamily demographics reflect that tenants have become increasingly more picky regarding where they choose to reside. Millenials and baby boomers make up over 70% of the market and their expectations are higher than ever before.
In this ever-evolving rental climate, developers are learning more and more about their ideal tenant, and what will keep them happily renting for a good minute. Here are a few trends that we are seeing from top-tier developers that understand their market and how to keep their tenants happy. You won’t see too many of them building any new developments without the following:
This is somewhat of a new one, but green apartments are becoming more and more important to tenants for a number of reasons, both economically and environmentally. Austin tends to have a more green-conscious consumers when it comes to being mindful of the environment, and it’s a plus that going green can save money for the tenant and the developer over time. Here’s some ways we’re seeing developers go green:
*Energy-efficient washers, dryers and dishwashers
*Low-E Film/frames on windows (especially high rise floor-to-ceiling ones)
*Programmable, digital thermostats
*Modular boiling systems
Tall ceilings and doors
While this is largely cosmetic, tall ceilings and doors (taller than 9’) can elevate the aesthetics of a small space and pack a mighty punch, allowing you to charge a premium for the same square footage.
With over 70% of apartment owners considering their dog a family member, dog parks have become both a deal breaker and a tipping point for many looking for the perfect apartment. Fencing off a portion of your land and creating a dog-friendly atmosphere encourages renters to stay by offering a convenient place for themselves and their dogs to relax.
Car charging stations
Courtesy of medium.com
As cars evolve, so should parking garages. With a rise in Tesla and other battery-operated cars, it’s important to offer places for those to park and recharge. This is also a signal to future tenants that your property is high-end and conscious of a higher-end tenant’s needs.
Smart locks/remote access
Gone are the days of the lock and key. Renters put a high priority on security (and appreciate smart security more than ever). Adding smart locks to your complex is now considered the bare minimum for the picky, luxury-minded renter who demands more than ever in order to pay a premium. The good news is that some smart locks are relatively inexpensive to install, and can elevate the security (and renters’ peace of mind and perception of your property).
What multifamily trends have you seen in 2019?