As the development of multi-family living increases, the search for new ways to increase value and attract the right tenants is becoming crucial in the construction world. There are many things to take into consideration; the use of new technology, new trends in transportation, and the hard choice of which amenities to include are just a few to think about. With many metro areas in need of more multi-family living, there are a few ways to create a building that stands out from the rest. Here are some trends to help you along the way.
Amenities That Attract the Right Crowd
Choosing amenities can be a tough decision and it is important you consider your target residents. Popular choices to consider may be things like refrigerated lockers for delivered groceries. With online ordering and delivery becoming popular, this is very beneficial to tenants who are living a fast-paced and busy lifestyle. Another amenity becoming very popular in the apartment industry is the look and feel of resort or hotel living. Apartments have begun to incorporate things such as cooking classes, rock climbing walls, child care services, and even a spa. Creating a building with amenities to fit the needs of your target residents can make all the difference in separating your building from others.
It is practically a necessity to create a building that is tech-friendly. Incorporating USB ports in the outlets, a solid wifi connection, and other technology-savvy features can be a way to satisfy your future tenants and differentiate yourself from other buildings in the area. In a fast-paced social media and internet hungry world, this can only boost your value.
This decision is not so much for the residents as it is for you and your investors. Creating a space that is easy to change with the latest trends can give you that leg up in the future. For example, with the new public transportations such as Uber and Lyft, there will be a decrease in the need for parking. Think about building a parking lot that can later be private garage spaces or storage units to produce more income.
Another trend to consider when thinking about flexibility is the use of common spaces. Currently, the biggest target residents are of the millennial generation. They tend to enjoy common area space to gather with friends and family. Creating a lounge with easy to move furniture can accomplish this, as well as reading nooks and spaces for residents to relax.
The most important thing to consider when thinking about tenants and the value of your building is customer service. Creating an atmosphere that’s friendly and helpful will result in a higher lease renewal rate and a good reputation for your building that will bring in more residents. As the industry of multifamily living increases, remember the importance of great customer service and create a fantastic living experience.
There are many other things to keep in mind when building living places for multiple families. In this blog, we’ve listed the main points to keep in mind. As the industry grows, more trends will develop. Let Miller Architects guide you in your building needs.