Experts anticipate a positive 2022 for the multi-family and apartment sector. If this year ends up being anything like last year, which was red hot, the trend will continue upward and put multi-family living spaces in a bright light. The multi-family sector is booming, fueled by low vacancies and increasing rents, and is expected to rise about six percent over last year, according to Multi-Housing News.
Spurred by strong multifamily growth, multifamily developers and contractors will continue to rush to keep pace with the demand. To keep up, multi-family properties have to incorporate the latest trends in order to appeal to current and potential tenants. The first step is to work closely with a multi-family interior renovation contractor to ensure you’re staying on top of the latest trends.
Let’s take a look at what’s trending for 2022.
The tech world is infiltrating the real estate market. You’ll want to offer plenty of tech-savvy amenities that appeal to your younger tenants. As a property manager or developer, it’s important this year to place a priority on technology-centered spaces such as rideshare pick-ups or drop-offs, and electric vehicle charging stations.
When designing or renovating spaces, it’s important to understand that people are gravitating more towards smart homes featuring voice technology, occupancy sensors and smart locks. To that end, you can use the power of AI to attract the best renters, and those renters are often tech-savvy individuals who want to move into tech-ready units that have already been outfitted to meet their needs. AI can have an impact on security, building access, and daily efficiency.
Climate change is still a hot topic, especially with millennials. As such, this demographic wants to see multi-family units designed to reduce their carbon footprint. LEED-certified buildings, sustainable practices and sourcing of local products are all on the rise. Search for effective methods of incorporating sustainability into your branding message.
As more and more people set down roots in urban centers, they are willing to sacrifice a bit of privacy that they would otherwise get from a single-family home in exchange for high-quality amenities in their multi-family communities. These include common spaces, gyms, recreational facilities, recycling centers, Internet cafes and dog parks on site. The more amenities you can lure in potential tenants with, the better. And the tenants you do have are more likely to stay when they have all the amenities they need within reach.
Hybrid schedules are critical for the workplace. This means your buildings and communities will need to meet the needs of residents who spend quite a bit of time working from home. Things like co-working lounges and state-of-the-art business centers are excellent additions to your community. Consider multifunctional areas such as group meeting facilities, private offices, breakout meeting areas, and singular workstations.
Contact Allstar Construction
Allstar Construction stays on top of trends in the building, renovation and home improvement industry. To learn more about our multi-family-focused interior renovation services, contact us at (763) 297-5100.