Multifamily Housing Trends for 2017
Whether by choice or necessity, many people are clambering for apartments and condos, and that’s music to multifamily developers’ ears. However, to be successful in the competitive multifamily real estate game, developers must understand what all those potential residents want in their new homes. An article from Building Design + Construction magazine noted five trends to watch a couple years ago that we still believe are relevant today.
- Urban Living. It’s not just Millennials who are drawn to residing in a city center. A low-maintenance lifestyle, as well as being able to walk to stores, restaurants and entertainment venues, appeals to a variety of demographics. Look no farther than all the new high-rise apartments and condos in downtown San Diego to see that this trend remains hot.
- Affordable Luxury. Most new construction residences fall in the luxury category, as buyers and renters both want things like infinity pools and upgraded design features in common areas and individual units. However, they may blanche at the cost, so developers are responding by building smaller units and focusing on multifunctional spaces.
- Amenities, Amenities and More Amenities. In the “old days,” amenities might have referred to in-unit washers and dryers, an onsite fitness room, and a pool. Things have changed, as the latest amenities coveted by buyers and renters include child-care service, concierge, dry cleaning/laundry service, tech/business center, pet grooming, and bike storage and repair, to name just a few.
- Technology Control. Developers are finding themselves needing to keep up with the rapid advances in technology for those who want the “latest and greatest,” while ensuring the “tried and true” remains available. The best example of this is in the TV world, as Internet TV becomes more and more popular, but cable and satellite delivery still have the lion’s share of the market.
- Green Leases. Much like the old adage, “if a tree falls in the forest and no one heard it, did it make a sound?” developers can ask themselves “if you build a high-performance building but have low-performance tenants, what’s the point?” Green leases are one way to circumvent that problem, as those who sign agree to live a sustainable lifestyle that includes recycling, composting and using close-by public transportation.
How does European cabinetry figure into some of these trends? We think of it as a difference-maker for discerning people who seek nothing but the best for their home. In the competitive multifamily housing market, it’s always important to be distinctive and offer the highest quality, and LEICHT can help on both counts.