When it’s time to update your apartment complex, you’ll want to know what people are looking for in a home. Today we’re sharing the top trends in apartment living:
The vast majority of new renter households are being formed by Millennials and Empty-Nesters. They are trading space for close-in location, as they want to live near others who are like-minded. They are opting for high-service, high-amenity living. When you are updating your apartment complex, adding amenities that have a “downtown” feel will be something your residents will love.
Many renters are in a financially fragile position, but that doesn’t mean they want to leave cheap if they don’t have to. Adding luxury to your apartment complex will go a long way towards tenant retention, as well as drawing new lessees. Adding an infinity pool or upgraded design features in your common areas add that luxurious touch. Using on-trend paint and fixtures during upgrades will bring a classy feel to your property, instead of just grabbing what’s on sale at Home Depot. Your tenants recognize quality, and they will appreciate it.
Apartments are shrinking and common areas are expanding, allowing tenants to socialize and work in a communal setting. To offset these smaller living spaces, many complexes are offering more amenities, such as bike storage and repair, childcare, cooking classes, free wifi, pet centers, wine cellars, and wellness classes. Common spaces are looking more like resort hotels, with rooftop decks and terraces and concierge services. You can update your complex to offer pet grooming services and play areas for tenants and their pets to keep up with current trends.
Sustainability is now an industry standard. When you are upgrading, think earth-friendly and energy-efficient. Provide electric car charging stations and bike storage for your tenants, for example. Some complexes are asking their tenants to sign what is known as a “green lease.” A green lease will help a complex to obtain green certification in some cities. These agreements ask that tenants commit to following sustainable lifestyle routines, including recycling and composting. Many apartment shoppers will find this a plus since people are often looking for ways to help reduce their footprint and have a positive impact on our environment.
When you are updating your apartment complex, there is a lot of options to consider. Call us here at Ascension General Contractors to schedule a time to talk about your ideas for upgrades. We’re here to help.