The first step is doing the right pre-construction planning that involves everything from property assessment to project analysis.
The second most important steps in keeping pace with the current trends.
Here’s the latest trends to follow:
A significant number of multifamily properties in the US are rental. What you may not know, however, is that many of these properties have proximity to the urban areas. The plain reason for this is that multifamily property owners are targeting millennials and empty nesters, who wish move to the cities. New multifamily properties, for this reason, are equipped with amenities and technology, which provide an excellent living experience to tenants.
2. Luxury at low cost
Luxury is attractive, but it comes at a price. That’s one reason why many property owners are building smaller multifamily units that middle-class renters can afford. According to Wermers Companies, a Real Estate Builders & Construction Company in San Diego, an increasing number of apartments are now 8- 10 percent smaller, but much more efficient and user-friendly than what they used to be a few years back.
3. Providing amenities galore
While new multifamily apartments offer less space to the traditional ones, they come with a comprehensive list of amenities to engage tenants and help them live in a work-live-socialize-recreate space. No wonder most multifamily units, especially mid- and high-rise buildings incorporate resort-like common spaces, premium parking areas, and provide everything from free Wi-FI to a child-care service.
4. Making properties environment-friendly
One likely trend this year would be making multifamily properties as much environment-friendly as possible. Starting from metal and installing Spray Polyurethane Foam-based (SPF) roofing system to large windows, property owners are taking every step to make their properties more affordable and energy-efficient for tenants. A classic example is the Green District multifamily building in Boston’s Allston neighbourhood, where renters can get lease rates 30 to 50 percent lower than compared to other similar properties in the area.
Following these trends in multifamily housing is important for owners to have an edge in the housing market. At the same time, a comprehensive pre-construction planning is equally necessary that can help you perfect your plan of action before the construction of your property begins. You can consult a reputed commercial and multifamily renovation contractor for meticulous planning and seamless implementation of your project.