Tenants are expecting more than ever from a multi-family property when renting than the same gym/game room offer in each apartment dwelling place. Also, the floor after floor of apartment sameness is not renting as tenants want diversification. Further to add to the mix, this is the first time in the rental market where two generations, the baby boomers and the millennials, are in the same urban living area with each having different expectations. So the flow of who’s renting just isn’t just one demographic; or the other, but both. This can be an exciting challenge and great opportunity to developers and landlords of multi-family apartments.
First off, in the construction and remodeling of multi-family dwellings the flavor and look of the neighborhoods should be in the grounds and buildings. Also, encouraging a sense of community in apartment dwellers by adding music jam rooms, swim up bars and sports lounges are just a few things landlords may want to think about. Too, more tenants want to have pets so dog parks and dog areas are becoming more prevalent among tenants wants. In addition, bikes are being ridden more as an alternate way to get around town. So developers who add bike racks to the parking areas are getting good feedback. Additionally, electric car-charging stations are being installed in some areas for those tenants who are green minded,
Developers also need to consider walkable neighborhoods where everything that’s needed is within walking distance of the property if the developers intend to rent out the property they build. This would include places to eat, shopping complexes and catering to the nightlife. Also, those who have developed living spaces within the hub of people’s social lives have seen apartment rentals skyrocket as people look to be close to what’s close to their hearts.
In addition, it’s not just the Generation Z who’s speaking up, but the Baby Boomers too. So Baby Boomers are demanding more as far as expectations, as in more closet space and large master bedrooms as well as high end amenities. Balconies are in demand that are big enough for entertaining and dining outdoors additionally.
The rental scene is changing and landlords and developers need to change along with it to be profitable.