Recently in the U.S. housing market, there has been a remarkable increase in the number of renters versus the number of homeowners. This large economic paradigm shift brings with it plenty of incredible opportunities in the multi-family housing sector, but with that growth comes a healthy (or worrisome, depending on how you look at it) amount of competition. One of the ways developers distinguish themselves from others is through the amenities they offer - what creature comforts they can extend to their tenants.
The question that needs to be asked in light of this information is: which amenities do renters value the most? The importance of knowing a client's exact needs cannot be understated and, honestly, almost doesn't need pointing out. It's an incredibly important part of any successful business plan, he who appeals to the client correctly is well set on the path to success.
Top Amenities for Multi-Family Housing
Many amenities are nothing more than passing trends, dust in the wind. The successful developer, however, keeps an eye on the ones that stick, that maintain high demand over the years. Renters/clients look to developers to identify emerging trends and hot amenities that will create more appeal and satisfication with the property. So...how can developers differentiate their properties to attract the right demographic? Navigating the tricky growing market of multi-family housing starts with knowing the desired amenities and providing them for your properties.
Below is a list of the top 10 hottest amenities in multi-family housing that will put properties leagues ahead of the closest competition:
- Outdoor living spaces for entertaining
- 24-hour fitness centers with exercise rooms
- Outdoor theaters
- Rooftop decks
- Golf simulator room
- Office spaces or cubicles
- Conference room for tenants
- Sports Bar
- Starbucks-like Cyber Cafe
- Pet spa
These are the amenities considered the best by the most people. Make the most of the opportunities available when attempting to gain a competitive edge in the growing market of multifamily housing.
If you need additional information about the major considerations for multifamily housing please get in touch with the experienced real estate and business attorneys at The Law Office of Retz & Aldover LLP.