Many multifamily apartment renters have started to re-evaluate their priorities and preferences for amenities and complex layouts, due to the pandemic. At LSG Lending Advisors, we want to highlight some of the key trends we are seeing in modern multifamily apartment living.
Migration to the Suburbs
There has been a notable migration of younger workers moving to suburban areas. These professionals were previously living in small, expensive urban centers. In their new suburban homes, they can benefit from affordable rent and more space.
With many employers allowing and encouraging their employees to work from home, it is no longer necessary for employees to live in close proximity to their offices.
It is also very difficult to practice social distancing in heavy populated urban areas. Once health concerns relating to the pandemic lessen, we predict an increase in migration back to these urban centers. However, there will be a percentage of those that will not return.
Many young professionals have had the financial flexibility to relocate to suburban areas over the past year, and may prefer to remain in their new settings.
Investment in Technology
A number of multifamily apartment owners were slow to invest in technology, prior to the pandemic. Since COVID-19, many owners and operators have realized the importance of such investments, have prioritized these updates, and improved their online presence.
A significant number of potential renters now choose to view apartment buildings through videos, photos and online tours rather that visiting the communities in person.
If you do not have a strong online presence or the ability to facilitate online viewings, there are renters that are unlikely to consider your property.
Improvements to Outdoor Space
The pandemic has created a demand for access to more outdoor communal space. Multifamily apartment trends include the following:
- Many new multifamily construction projects are incorporating more outdoor amenities, as opposed to larger indoor community rooms that residents previously congregated in prior to the pandemic.
- Other multifamily apartment operators are renovating common areas to make them accessible to the outdoors. This kind of renovation appeals to renters looking for spaces that are usable year round, that benefit from clean air flowing through.
- Other improvements include adding outdoor electrical outlets, seating, and awnings for residents.
Indoor Common Areas
Where indoor common areas continue to exist, they will need to be updated accordingly.
- Choose materials, flooring and countertops that are easy to clean.
- Consider touchless lighting, water, and bathroom functionality. This appeals to new renters that are still wary about using common areas and are concerned with the spread of germs and viruses.
- In large community rooms, create private spaces for renters that need to make calls or join video conferences.
- Many work-from-home renters need a strong and reliable 5g network, and make this a priority when choosing an apartment complex.
Adapt to Trends with Longevity for Success
Understanding which trends are here to stay will help you invest in property that has potential. Multifamily apartments that are renovated and built to meet new demands will have an advantage over other properties that fail to adapt.
Contact LSG Lending Advisors today and receive the perfect new construction loan or refinancing opportunity for your success.