The demand for apartment and multifamily housing is expected to continue strong in 2020. Most new residents are looking for the convenience and ease of renting, they don’t want the responsibility of owning a home.
Studies have shown today’s newly formed households want innovation. Most developers and owners of multifamily housing are radically updating their buildings to accommodate their renters.
In fact, a recent Forbes article reveals the new faces of demand, “A new trend has emerged, in which higher-income householders are more often than in the past choosing to rent when they could easily buy a home. The number of renters earning at least $75,000 (adjusting for inflation) rose by 311,00 households in 2017-2018 alone. This has supported demand for luxury apartments.”
Casey Cummings, CEO of Ram Real Estate, confirmed, “Demand has been strong, particularly for the best units in our most upscale communities. The higher income residents tend to be more discerning, and are more focused on quality than price. Our biggest and best units lease quickly.”
The article goes on to say, the amenities in upscale apartments have exceeded just a pool and gym.
High end tenants are looking for amenities that fit their lifestyle. Including package rooms, where they can pick up deliveries. Retail venders in the lobby, services related to wellness, even garden areas where they grow fresh vegetables.
What Else Are Today’s Renter Looking For?
“The latest weapon in the amenity war is co-working spaces, which include communal working spaces as well as conference rooms. Think of them as a 21st century version of the business center. “More and more people are working from home, and they want a place to work that is outside of their actual living space,” said West. These working areas are typically positioned near the lobby of the building, but far enough away from noisy common areas that people can make telephone calls or think without distraction.” Forbes
Ensuring your multifamily housing looks attractive and is keeping up with all the latest trends, you need a construction group you can count on. As a leader in the industry, SWET Construction has the experience and know how to keep you a step above the competition.