When it comes to the multifamily housing market, the industry witnessed remarkable growth in terms of its prospects, rental rates, and evolution in constructional approach in the last few decades. However, with a consistently changing market, it’s vital for property owners to keep an intense eye on the upcoming multifamily housing trends for long-term sustainability and be at the competitive edge says Kanat Sultanbekov. Being investors, property owners, or managers, it is high time to stay on the toes and shape the upcoming projects considering the four noteworthy trends in the multifamily housing business to attract and retain tenants successfully. 

Multifamily Housing Industry – Current Scenario 

The multifamily housing market is likely to upsurge consistently due to rapid urbanization, the emergence of smart technologies, and shifting preferences in lifestyle. To attract tenants, property owners must prioritize the integration of smart features in complexes, sustainability measures, and flexible workspaces. 

Remote work has gone mainstream as an upshot of the global pandemic causing increased demand for multifamily properties that offer amenities like telecommuting. The rental rates of multifamily housing will see an upward trend due to an increase in demand, and investment opportunities. However, the cost of construction with the integration of new features will also increase. Despite this, the good news for investors and property owners is the market will remain robust for those who adopt the changing trends and keep renters fulfilled.      

• Adopting Property Technology Is No More Perk But a Trend  

Considering the value of technology in human daily lives, like all other industries multifamily housing needs to infuse property technology PROTECH to ensure occupants convenience, safety, and security remotely from their smartphone apps. 

• Simply by using smartphone apps residents can pay their rent, ask for maintenance, reserve event space, and ask questions to the managing authority. 
• With a video IP device fitted at the entrance, residents can welcome their guests into the complex safely using their smartphones without the need to go down to the lobby. The tool facilitates residents to confirm the identity of the guests through video talk before letting them in.
• Beyond the above developers need to leverage the power of the Internet of Things (IoT) to provide residents with predictive maintenance of vital equipment before it even fails, maximizing energy efficiency and tailoring personal amenities as per individual preferences. 

• Renters Are Inclined to Stay in Green (Eco-Friendly) Building 

As global warming continues to escalate, renters are on the lookout for multifamily housing that has taken a transition to sustainable building materials and is equipped with green features to stay environmentally friendly.  After all, integrating eco-friendly amenities will just not attract potential tenants and retain them but also help the property save money on energy costs. For building an eco-friendly apartment, property owners need to get their property fitted with solar panels, composting stations, green roofs, leak-detection systems, community gardens, energy-efficient appliances, smart thermostats, and initiate recycling programs. 

• Infuse Community Amenities in Multifamily Living

Community amenities have become a staple for multifamily housing says Kanat Sultanbekov. Right from fitness centers and swimming pools to playgrounds and pet parks, the potential renters now seek more than just places for living and sleeping. From Gen Z to elderly citizens prefer renting houses that offer access to all these features to make their lives convenient, enriching, and delightful. 

Most importantly, the COVID-19 pandemic has accentuated the gravity of support, connection, and solidarity, making community connection more critical than ever says Kanat Sultanbekov. Having a community hall fitted with multifamily houses is essential to let renters avoid isolation while enjoying a sense of belonging, fostering their quality of life. 

• Amenities for Remote Workers

With remote work becoming a trend, integrating amenities in multifamily properties such as Co-working spaces, Hi-speed internet, and dedicated office spaces make sense to drive and retain occupants 

To conclude, with the increase in the multifamily housing market, staying geared up with the above trends has become essential to meet the diversified needs and preferences of potential tenants but also ensure staying ahead in the competition. 

Seth Erhart