As we head into 2020, the multifamily and apartment housing are in great demand. Cities around the southeastern United State, Florida, Georgia, North and South Carolina, are quickly growing and become more compressed. Which means the need for multifamily housing is also growing. But today’s renters are looking for a true home, one with intricate mix of innovative engineering and design.
In The Last Decade Renters Have Become More Demanding
To stay ahead of the competition and ensure your vacancy rate is low, owners and property managers must keep up with the latest multifamily marketing trends.
As our economy continues to grow, more people will be renting apartments. Wages are rising across the board, the unemployment rate is the lowest it has been since 1969, and for 100 straight months employment has grown. The latest study shows that rents are continuing to rise by 4% to 5%.
The younger generations (which makes up the largest part of the multifamily housing demographics) are renting for longer periods of time. Most of them aren’t interested in home ownership, but want something convenient, affordable, and has great amenities.
It seems like in the ‘robust amenities package’ renters are looking for something new and attractive every year. Going well beyond a pool and fitness center, to include space for a vegetable garden, pet care, package room with refrigerated spaces for food deliveries.
New properties are enticing renters with the smart home. including keyless entry, integrated with Google or Alexa speakers, automated security systems, smart lights, and smart electronic parcel lockers.
They also want upgraded communal spaces. Where they can gather with other tenants and flexible work areas. Convenience is also high on their list, complete with a coffee shop, high end gym, dry cleaning or laundry service, pet cleaning stations, spa, and conference rooms.
Check back with us next week for more of what renters are looking for in multifamily housing. Until then, contact SWET Construction Group for more information on how we can help with your property.