Draw in renters with a few of these multifamily industry trends
Keeping tabs on what potential residents expect for their next home can help your multifamily property stay current and relevant in the marketplace. Here are just a few of the multifamily industry trends dominating 2017 that we are digging:
Touches of luxury
You don’t have to undertake a huge, expensive remodel of your community to attract luxury-minded residents. Even mid-range multifamily properties can capitalize on prospects’ desire for the good life. Choose a few areas to update: Convert a dated conference room into a wine tasting room or yoga studio; add cabanas with Wi-Fi by the pool; update common areas with wood floors and modern artwork. Most importantly, don’t forget to budget for photography to showcase the updates across all of your marketing channels.
The lifestyle of many renters has changed dramatically in recent years, thanks to technology and the sharing economy. As people opt for Uber or Lyft over owning cars, order food from GrubHub or other food delivery services and entertain at home less, their living space needs have also changed.
Garages, kitchens and square footage don’t necessarily top the list of must-haves for these renters. Rather, they may be looking for on-site coworking space with speedy Wi-Fi, common spaces for socializing and updated technology features like Smart TVs. Take time to understand your submarket and what renters really want in your area, and then update and market your multifamily community accordingly.
Location, location, location
Even with the inventory of new, tricked-out apartments on the rise, it truly comes down to location as the primary decision driver for any prospect. However, the definition of “the” ideal location varies from renter to renter. Some want to be close to work, while others would rather be near an active night life or great restaurants.
The key for multifamily properties in any location is to highlight your neighborhood’s top features. Some of the top needs and wants for renters include: Access to transit, nearby shopping and dining, pet-friendly areas, recreation (trails and parks), views and a sense of community.
A few questions we always ask when getting to know a community are:
What makes your neighborhood tick?
What does a day in the life look like for your residents?
Where do you grab coffee: Starbucks or an independent shop?
Does your neighborhood have a craft beer or a craft cocktail scene?
What’s the preferred mode of transportation: Bike it or drive it?
Answer those questions to hone in on your marketing strategy.
According to REIG Construction, renters are looking for unique design elements that reflect the local culture:
“Residents are happier when connected to local culture, and prefer a building that demonstrates knowledge of the locale to another cookie-cutter, same-in-every-city installation. This also helps brand a building when 10 other similar multifamily installations are opening in the same year.”
We could not agree more. The design decisions you make for your community helps it stand out from the competition. If it provides residents with a sense of place and connects them to the surrounding city or neighborhood, even better. Once you have your design aesthetic, a good branding agency can help you carry that through your logo and overall branding strategy as well.
To learn more about how to update your multifamily brand and attract renters, contact us today. We specialize in developing complete branding and design stories for multifamily properties nationwide.