Amenities are Key to Multifamily Construction
The world becomes more populated by the day. More people move to already crowded cities in search of jobs. As space becomes a precious resource, developers desire to make the best use of it. There are two viable options to meet this challenge: build up or build spaces closer together. When deciding to invest in a multifamily construction project, keep in mind what is important to renters.
Millennials enter the workplace and want living quarters close to their work and local attractions. They would rather rent than buy a space, but they want more than just a place to lay their head. They want a place with special features. They look for apartment buildings to have special features sprinkled throughout them. Another term for the special features they look for are amenities.
The key to attracting renters is amenities. Amenities are important in today’s market, because tenants want more than just living space when they choose a place to live. A popular attraction is common areas that encourage business and socialization. Building-wide Wi-Fi is important for staying connected to social networks and for conducting business at and near their home. Outdoor space is also important, like a rooftop terrace or a patio to hang out on and use the grill.
Amenities that allow for a healthy lifestyle are gaining attraction. Gyms are attractive because they allow tenants to work out near home without having to pay a pricey membership fee. Swimming pools are also popular amenities for both socializing and health benefits. Common areas for pets is important for pet-lovers that do not want to go far from their home to let their dog out of the apartment for a romp or potty break. Some buildings even have pet spas.
Amenities that offer more convenience are gaining attraction. Some buildings offer common waiting areas for Uber. This is attractive because they do not have to stand outside in the elements searching for their ride, they know where to wait and they have a specific location to tell the driver upon their arrival.
Another big attraction is connected devices within the apartment. Devices that make the home more connected are becoming more important. Lighting systems, outlets and thermostats that connect to remote devices are very popular. They make lives easier through convenience. As fast as technology keeps growing and getting better, apartments builds should be keeping up with the advances for the sake of younger generations.
The more amenities a place has to offer and the more options the tenants have, the more attractive a building is. Tenants are no longer just looking for a place to go home, lock the door and chill until the morning. They want a community. Modern amenities include luxury within the apartment themselves, but they also form a social experience outside of the apartments for the tenants to enjoy and a place for them to have a sense of belonging. When designing a multifamily building, keep the younger generations in mind and make popular amenities part of the plan.