Top Four Trends in Multifamily

Top Four Trends in Multifamily

1.The Newest & Hottest Amenities for Multifamily Residents

Innovative multifamily owners work with their developers and renovation companies to offer trendy and up to date amenities for the prospective tenants. Building the iPod docs right into the wall was great when they first came out. But since, only dates the property. It’s tricky to make such a move by upgrading with tech-related products. The problem is, once hot is not, more updates are necessary and are not often in the budget.

Now something up to date and timeless, a good Wi-Fi. Seriously, the Millennials that are going into the leasing office will walk right out if they don’t have over 3 bars on their cell phone. Let’s face it; the internet is a must-have and waits time for a connection is stressful, unbearable, unlivable. If the multifamily resident doesn’t have high-speed internet and fast download speeds, the potential tenants will find someplace that does.

 

2. Changing Communal Spaces

Multifamily resident owners are stepping it up for their residents. Communal spaces are vibrant and full rather than isolate and empty. It starts with the Leasing offices. They are being renovated to reflect the feel of the property. It raises the morale of the office staff too, which in turn increases sales. The property managers are then more motivated to dress up for work. They feel more empowered to lease, collect past dues, and even put on events for the tenants.

The biggest improvements to date are the clubhouses. They are being updated to feel like an extension of the tenants living room. Much better to upgrade the clubhouse than have it as that space, collecting dust with that old person aroma. It’s much more attractive to hang out when perks include plush seating, food prep stations, and gathering areas to entertain guests or throw a party.

What used to be an empty work out room with unused equipment machines are now converted. The new trend in fitness studios with large mats and free weights for the trendy yoga goers and kinesthetic trainers. Big heavyweights and unused treadmills are more liable for injury anyhow. The selling point is to offer yoga and or Pilates classes through the leasing office.

On-site theatres are a thing of the past too. Why leave the comfort of your own home to see a movie that is already out for rental? Now consumers are simply buying the 65’ big screen TV on their Best Buy card. No need to trek over to a spot where only teenage boys go on their first date with the girl next door. You probably already have watched most of the movie from your iPhone while Ubering to the market, waiting in line everywhere you go, at the airport, or in the lobby at your doctor’s office.

Then there are the business centers. Almostev, everything can be done through your smartphone. People that work from home have a desktop or laptop and rarely used the printer. The younger millennials don’t even have that — no need to print when there is DocuSign or pdf filler. When something does need to be printed, there is always the option to ask the assistant at the leasing office or go into work early, so the boss doesn’t see. Scanners have come and gone because scans can be done on a smartphone application. Faxes are also fully online. No need for that clunky machine. Those business centers are knocked out and used for various things. Some for game rooms, study room, group room for book clubs, or an extension of the space it’s attached to.

 

3. Developing for the Future

Some newer multifamily residents are being built with studios right next to one-bedroom units. This is done for various reasons. If there is an economic change that reflects more need for micro-units or family living, the wall can be torn down. It then can easily be made into a two-bedroom or larger depending on the project and unit next door. Maybe it’s for more curb appeal when the owners are looking to sell; they can provide options for the potential buyer.

Even less parking spots are being used now. Soon it will be one spot per unit, meaning the multifamily residents property changes. The trend is to use the available parking spots to build on more units for increasing the revenue. Parking lots used for vehicles are not huge moneymakers.

The hottest ideas now are daycares and pre-schools to be built onto the property of senior living facilities. So far, it’s a hit. The seniors get to interact with the kids during designated times. It has been successful with facilities opening up left and right.

Now, why not daycare and preschool for a multifamily residential? The trends are moving from the suburbs to walkable urban communities anyhow. “10,000 people a day turn 65 until 2030”(Kerry W. Kirby CEO 365 Connect). Those Single-Family Residents availability is steadily decreasing. Having childcare attached to your apartment home in the city is a hit. It allows the opportunity for marketing to families in general — much less commute for the primary caretakers of the kids. Just walk them over and go back to their home to work remotely from their kitchen counter. That second vehicle is a thing of the past.

4. Convenience

What ties everything together this day and age are Conveniences. We want easy, quick, reliable.
When you get into the marketing. Where ads are sent directly to the devices of the personas of interest, it’s easy to shop from home. Why leave the community that has it all? Everything at your fingertips and fed right to you. Even groceries are being delivered, and take out can be picked up by door dash or even an uber driver. I’ve seen more and more that parents don’t even bother running their teens around. All they have to do is Uber them.
What’s Next?

Looking for the future is a bit scary, everyone is fearful that the robots will replace workers, and there will be less need for a heavy workforce. On the flip side, Tiffany Shlain (Pew article) states that “The skills needed to succeed in today’s world and the future are curiosity, creativity, taking the initiative, multi-disciplinary thinking and empathy. These skills, interestingly, are the skills specific to human beings that machines and robots cannot do …” I agree with Tiffany. But the thought of job loss by machine replacement is not a new thing either.

Perhaps it’s just the thought that scares me because it’s more likely than not to happen. Like 2Pac’s hologram concert that shocked his massive 2Pac’s not dead followers. Or facetime, skype, it’s so cool! As a kid, these were all things that you never dreamed of happening. Now apple watches allow you to talk to your caller on speaker. Blue tooth devices are built into hearing aids so the person can directly hear their streaming music or the voice of their caller directly in their ear. And it is texting now over talk. Such a mysterious generation is coming forward. This was all private eye, secret service stuff and now it’s a norm. For the evolving market, who knows what will impress the millennials?

Kerry W. Kirby CEO 365 Connect http://www.multifamilybiz.com/Webcasts/94/2020_Vision_Housing_Trends_of_Today_and_Beyond

Tiffany Shlain
Pewinternet.com

 

Blue Pine Construction Corp
jennifer@bluepinecc.com