The newsLINK Group - Trends

Editorial Library Category: Multi-Family & Property Management Topics: Multifamily Living, Trends Title: Trends Author: newsLINK Staff Synopsis: A significant trend in the multifamily rental market is the importance currently being placed on quality of life. Most renters expect the place they live to have a high level of service, similar to what would be available at a good hotel, as well as competitive amenities. Editorial: Trends 4064 South Highland Drive, Millcreek, Utah 84124 │ thenewslinkgroup.com │ (v) 801.676.9722 │ (tf) 855.747.4003 │ (f) 801.742.5803 Editorial Library | © The newsLINK Group LLC 1 A significant trend in the multifamily rental market is the importance currently being placed on quality of life. Most renters expect the place they live to have a high level of service, similar to what would be available at a good hotel, as well as competitive amenities. What kind of amenities? It means more than having a place for residents to exercise. Deluxe public areas with upgraded features such as expensive flooring, infinity pools, rooftop decks, indoor bike storage and repair, Amazon package lockers, home office spaces, pet spas, and specialized studios for yoga and spinning are closer to the mark. One complex even has a 12,000-square-foot wall that includes a climbing wall. Concierge services and communities that offer classes in subjects such as cooking are also a draw. It’s not unheard of for rentals to offer dry- cleaning services and private elevators. The line between home, hotels, and resorts is definitely blurring. The list of amenities is not a particularly surprising one except for the rooftop decks and the home office spaces. After all, staying fit and active is important, especially to younger renters, and so is an active social life. When you think about it, though, the decks and offices also make a great deal of sense: The popularity of rooftop decks speaks to two needs: people love having a good place to throw a party, and they also love having a great view. Watching sunrise, sunset, and city lights is always fun; add a good place to watch fireworks occasionally, too, and who wouldn’t be interested? Add comfortable seating, big-screen televisions and matching sound systems, outdoor kitchens that feature pizza ovens and barbecues, and some kind of protection from the elements, and a rooftop deck starts to look downright essential. Home office spaces are important as the boundaries between work and home continue to blur and as people increasingly choose to telecommute at least part of the time when they are working. A place with reliable Internet access, plenty of USB ports, and enclosed workstations that are located in common areas is something people like to have access to. Whatever amenities are offered, it’s important to make sure they are amenities people want and will use. Something very few people choose to use is not going to pay off. It’s important to remember that although there are still many people who rent because they cannot afford to buy their own property, an increasing number of people are renting because they don’t find the arguments for buying a home to be compelling ones. They want to keep their options open about moving and they don’t want the hassles (and expense) that go with home ownership. By renting an upscale unit in a multifamily building, they can combine a premium lifestyle with the flexibility they value. Even for those who can afford to buy, they might not be able to afford buying in the neighborhoods where they really want to live. It’s similar to leasing a car. You can generally lease a more expensive car than you can afford to buy. People can sometimes afford to rent what they cannot afford to buy, especially in expensive urban markets. Another important market segment is that portion of the population which is scaling back. Many people between the ages of 55 and 64 are choosing to rent instead of own because they don’t want the work of taking care of their own home anymore. Living in a nice place where someone else does the yardwork, shovels the snow, and takes care of maintenance issues is very appealing to them. Convenient access to mass transit is another important trend. Many multifamily buildings that have been built recently are located near mass transit. When developers consider a site for development, access to mass transit is becoming an increasing important factor. People are interested in finding mixed-use communities where they can realistically walk around in the evening or on a weekend and feel they are safe

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