Due to the current rate of population growth, challenges that come with homeownership, and many people’s preference for renting, the demand for multifamily housing has a stronghold in 2020. In order to meet these growing demands, multifamily property managers and owners need to pay attention to their residents’ preferences to stay ahead of the new competition and to bring in additional residents to their communities.
Did you know that affordability is still considered the biggest concern for most renters? The number one reason renters plan to move to different communities is because they are seeking lower rent. Depending on the location, a greater emphasis on affordability over amenities could pay off in the coming year.
Renters are always eager to lean towards an apartment complex that features amenities that match their requests. Apartments with features that allow greater convenience for a day-to-day living tend to rank higher than those that don’t. Some of these features are:
These features are sometimes must-haves and renters will not sign on without them. Installing these popular features in all your units may increase the number of interested residents. Some additional smaller wishlist items from renters would be in-wall USB ports, smart thermostats, and TV wall mounts. If you install these additional features on behalf of those renting from you, you will ensure that they are installed correctly and not risk the injury of residents if they were to self-install.
In today’s day and age, we are more and more reliant on the internet and the ability to connect anywhere. It should come as no shock that renters are looking to live in communities that can easily access the web through multiple devices. Two of the biggest community amenities that residents express interest in are reliable cell phone reception and high-speed internet connections. Due to the increase in working remotely, internet access is a high priority for those who are working from their homes.
Looking to renovate your multifamily property? Contact Alterra Multifamily Renovations by giving us a call at 615-438-5734.