Housing scenario is changing faster than developers can adapt. This is mainly because the current sets of millennial tenants, are comparatively more adept to change than previous generations and hence their needs and demands are changing constantly. Nevertheless, there are certain trends that have remained constant in past couple of years and this year they have taken the center stage. These trends include:
• Urban Lifestyle
• Affordable Luxury
• Focus on Amenities
• Going green
Urban Lifestyle
Millennials are moving to cities and do not let anybody tell you otherwise. In last few years, the move to cities has led to an increase in the demand in multifamily houses. Multifamily developers have noticed this development and are now aligning their projects to cater to the urban migrants who are mostly students and young professionals. The multifamily projects are being developed by keeping in mind these factors and hence they are near to transit-points and are walkable distances away from most of the amenities.
Luxury at Affordable Prices
Tenants are looking for multifamily projects that are near to downtown areas and that, does not come cheap. Tenants are opting for smaller houses that are closer to the center of the city, so that they do not miss the fun part and then they are looking for easy commute to work by being in the heart of the city.
Amenities
You want to attract millennials. Win the amenities war. Your competitors might lose to you just because you have internet TV and even though you charge higher rent, youngsters will flock to your multifamily project. Internet is one example, install amenities that your tenants use and require. Amenities that our grandmothers used are no thrill to your tenants. Understand and cater to their needs.
Go Green
Going green does not stop at solar power. It means constructing houses that have ample natural lighting and heating, promote electric cars by proving charging points for the same and bike storage. At the same time, ask your tenants to step up for the green initiative by agreeing to reduce, reuse and recycle.
Conclusion
Multifamily properties are developing nationwide, they are changing according to the needs and wants of its target audience. You can stay ahead of the curve, by understanding the local audience and developing your multifamily property accordingly.
• Urban Lifestyle
• Affordable Luxury
• Focus on Amenities
• Going green
Urban Lifestyle
Millennials are moving to cities and do not let anybody tell you otherwise. In last few years, the move to cities has led to an increase in the demand in multifamily houses. Multifamily developers have noticed this development and are now aligning their projects to cater to the urban migrants who are mostly students and young professionals. The multifamily projects are being developed by keeping in mind these factors and hence they are near to transit-points and are walkable distances away from most of the amenities.
Luxury at Affordable Prices
Tenants are looking for multifamily projects that are near to downtown areas and that, does not come cheap. Tenants are opting for smaller houses that are closer to the center of the city, so that they do not miss the fun part and then they are looking for easy commute to work by being in the heart of the city.
Amenities
You want to attract millennials. Win the amenities war. Your competitors might lose to you just because you have internet TV and even though you charge higher rent, youngsters will flock to your multifamily project. Internet is one example, install amenities that your tenants use and require. Amenities that our grandmothers used are no thrill to your tenants. Understand and cater to their needs.
Go Green
Going green does not stop at solar power. It means constructing houses that have ample natural lighting and heating, promote electric cars by proving charging points for the same and bike storage. At the same time, ask your tenants to step up for the green initiative by agreeing to reduce, reuse and recycle.
Conclusion
Multifamily properties are developing nationwide, they are changing according to the needs and wants of its target audience. You can stay ahead of the curve, by understanding the local audience and developing your multifamily property accordingly.