4 Trends in Multifamily Housing

Across the US, builders, developers, and investors are rushing like maniacs to keep up with the huge demand for rental apartments and multifamily housing. Plenty of money is finding its way into the multifamily housing sector. Not only areinvestors and developers looking to boost home’s value, they also recognize the opportunity to earn a substantial ROI. Generally speaking, the multifamily housing market is booming because renters are looking for newer, better places to live as they bounce back from the housing market crash and they recover along with the improving economy. With that said, let’s take a look at four trends to track in the multifamily housing market.

1. Renters Seek Luxury and Affordability

Right now, renters in metro areas are looking to live as close to downtown as possible. Despite the desire for a certain lifestyle, affordability can be an issue. Unfortunately, a large portion of current renters still aren’t in the greatest shape financially, so their housing options are typically limited. Builders have taken it upon themselves to create micro apartments in an effort to fill this need. These apartments are roughly 250-350 ft.², they are quite luxurious with modern sinks and vessels, and typically lease for 75% of the monthly cost for a larger, similar style apartment in the city. As you can see, this option is still luxurious but much more affordable for lower income renters.

2. Green Leases Are a Hot New Trend

As the development of environmentally friendly apartments with energy efficient appliances, a cool roof, electric car charging stations, bike storage, and a focus on green initiatives takes shape, property managers are now asking tenants to sign a green lease. In Boston, in an effort for developers to get a green district designation, the city created the green lease. When a tenant signs this lease, he or she must agree to follow routines that lead to a sustainable lifestyle. This entails things like composting, recycling, and taking advantage of the available public transportation in the community. More and more metro areas are slowly catching on to this trend, and green leases are going to become a major phenomenon in the multifamily dwelling market sooner rather than later.

3. Tenants Now Have More Technological Control

We live in a massive period of innovation and technology is changing all the time as new advancements get released into the marketplace. In today’s modern multifamily dwelling, building owners are going to have to adapt with the changing times. As an example, many tenants are looking to take advantage of Internet TV. Yet many building owners are not ready to eliminate satellite and cable TV services. At this time, building teams have recognized the value of technological advances as far as improving a building’s sustainability is concerned. And they are beginning to embrace this new technology in an effort to provide a greener, more stable environment for their tenants and the world at large.

4. Living the Urban Lifestyle

As of now, multifamily dwelling owners hope to attract empty-nesters and millennials as their target renters. By focusing on these particular demographics, luxury property owners are making strides to develop building communities that provide the urban lifestyle. They are offering access to all of the latest technology, all of the hottest amenities like an outdoor fire pit, an indoor swimming pool, game/media room, laundry room, bike room etc. And everything a tenant could ever need is within 20 minutes of the apartment, whether they are walking or taking public transit. Again, this urban lifestyle trend is all about focusing on sustainable living.

Conclusion

At the end of the day, the current crop of renters is focused on living a sustainable lifestyle.  As a building owner, you must utilize the four suggestions mentioned today to stay relevant in this ever-changing market.

About the author:

Wendy Dessler is a super-connector with OutreachMama and Towering SEO who helps people find their audiences online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing bigger customized blogger outreach plans depending on the industry and competition. 

Life of Luxury in Apartment Living!

Apartment living can be much like staying at a resort. With busy schedules, long commutes to work, and the ability to enjoy the amenities found on most vacations, coming home to a luxury apartment can be such a delight! Stonebridge Builders has helped to spear head the growing trend of apartment living through remodeling and renovating several apartment communities in the Denver area. 

This article hits the nail on head with the Luxury of Apartment Living.

Live in Luxury, Elegance by Tyree Leisch

Apartment living can be acquired taste. At first the people who have lived in sprawling independent houses with garden and compound cannot imagine the life in an apartment. With the land prices shooting up out of reach even in tier 2 cities, the apartment living is necessity. However, there are so many advantages which they understand and enjoy only after moving into an apartment.

The independent house was a peaceful living once upon a time but, now, with smaller sites and no garden houses, it is a nightmare when the traffic increases and children have to play on the street. The apartments have so many amenities like garden, swimming pool, running tracks, children play area etc., that in cities it is the only way to live.

Another major advantage is maintenance. The apartment management charges certain amount for maintenance but, the backup power, water, external maintenance and security are taken care. It is a worry free living compared to independent house where everything needs to be taken care of by the owner.

Most of the apartment complexes have tenant association. In most cases, the maintenance will be done through it and it will be a democratic organization where tenants take turn to be the management team and most of the major decisions are taken by vote. In fact the tenant associations have several rights given by the government as well as responsibilities. In some cases, in order to make the city green, the wet waste or organic waste needs to be composted instead of the city municipality picking up the waste to be thrown in dump yard.

Schools and colleges have buses pickup children from the apartment complex and dropped off in the complex which more secure than dropping them on the road. The parking also is a great advantage compared to parking on the street in an independent house.