With residential rentals representing some of today’s best property investments, savvy developers are adopting a host of relevant features for a new breed of tenants, dictating today’s apartment trends.
Some of the newest apartment trends, identified by real estate professionals, are already in the spotlight. “Micro units,” efficiently designed units with a smaller footprint are one such example.
The residential rental sector is inundated with young Americans stuck in the rental cycle as a consequence of high student debt. With more Millennials waiting get married and start families later in life, the rental market, with many years’ worth of potential tenants, holds particular promise for developers.
Apart from newly graduated, workplace entrants, research is offering fresh insights into the motivators and factors impacting on Boomers, Gen X and Millennials. One of the key trends emerging is Millennials are the generation who, as a whole, appreciate the company of the older generation. As older and younger generations begin interacting more, multi-generational, apartment society will flourish in the future.
Multi-generational living has been happening for decades, even centuries, all over the world but instead of a random process, we’ll see a new approach. Industry experts predict developers will give a new, unique American spin on multi-generational living with apartment trends focusing on design and technology communities for like-minded individuals.
The Disappearing Kitchen
The open plan, or open concept kitchen is another of the apartment trends making floorplans seem larger while highlighting unique materials and finishes, luxury cabinets and high-end appliances. But why have a kitchen at all? The hidden kitchen blends into its surroundings and fills a similar purpose, especially in micro-units. Concealed behind clean lines and cabinets, these kitchens only come out to play when needed.
With the modern family unit often comprising one pet and one owner, exercise areas, grooming stations and daycare options for pets are making their appearance. Without pet friendly features, developers ignoring this trend will be in for a rude awakening. As Millennials start families later than previous generations, pets provide friendship and company and this isn’t going to change anytime soon.
Multifamily housing is seeing an increase in units featuring green building standards. Housing that takes urban agriculture, community composting and saltwater swimming pools seriously will attract more young families.
In the past, leasing agents have dithered over embracing green certifications in the marketing process, citing the implication that rents are much higher at a green-certified property. As apartment trends move toward employing green building standards, leasing teams will find new and creative ways to integrate the benefits of green living with quality of life.
Stealing from Hotels
When bringing together ideas for tomorrow’s apartment trends, developers get new ideas from sources as diverse as student housing and the hotel industry. The apartment lobby of the future will look a lot like that of student housing or a hotel. By incorporating food and beverage facilities into multifamily common areas, residents have a convenient place to grab dinner, or a cup of coffee, without leaving the building. Along with the standard private tables, the addition of a few communal tables will encourage social interaction.