Multifamily housing will never be the same and that’s not a bad thing. Trends come and go but developers and investors should be aware of them in order to continue to attract tenants, especially this younger generation of renters who desire more from their living situation.
They want a more personalized experience exempt from stress and worry, learning to accept these new needs and wants from renters by implementing things like AI (Artificial Intelligence) and IoT (Internet of Things) will help drive multi-family in the next 12 years.
A recent Disruption Report conducted by NMHC, found the ways demographic shifts and technology are affecting multifamily housing, lets break down the latest trends that are currently all the craze for renters who are seeking living arrangements within the multifamily market.
Technology:
We’ve mentioned it before, Smart homes are the way to go and frankly renters want their homes to implement technology in as many aspects of the home as possible. By 2020, 26 billion devices will be connected through the cloud, found a report by tech research firm Gartner. This just means that there will be even more opportunities to implement technology in all aspects of our lives, which is why we should take advantage of it now.
Marketplace:
Consumers expect an “on-demand” experience wether it be while they’re shopping or dinning, it’s expected and it’s one of many ways individuals try to make their lives a bit easier. NMHC found that 63% of their respondents live such hectic lives that they look for ways to make it easier. Providing onsite amenities like online ordering of necessities and instant delivery, will allow tenants a community that is stress free and convenient.
Employment:
43% of workers in America participate in some form of telecommuting, while in the past 10 years there’s been a 50% jump in offline alternative work. Developers and investors should really consider providing community workspaces for this growing workforce. This trend is only expected to grow over time and providing a peaceful environment where individuals can work from the comfort of their own home will only add to the appeal of the apartment.
These are only a few of the many trends that are changing disrupting the multifamily sector and developers and investors should really be paying attention to them. To learn more check out http://www.multifamilyexecutive.com/property-management/apartment-trends/report-these-trends-are-radically-disrupting-multifamily-housing_o .