Consider These Rental Property Trends For Your Multifamily Community
There's been an increase in discussions about space use lately among buyers in the multi-family rental property market. Newly emerging rental property trends now require practical consideration when purchasing a rental property. These developing trends are primarily due to a shift in renters' attitudes as they adjust to the new stay-at-home environment. A recent Assurant study helps to translate these changing priorities into useful statistics reflecting what renters want. Here at Targa Real Estate, we have a few ideas on how rental property owners can adapt and stay ahead of these evolving market trends.
Larger Living Space & Affordability
According to the Assurant study, the desire for larger living space has again increased another 5% to 73% in 2021. This rental property trend has become a top priority for renters. Yet, 40 % of respondents named affordability as being the primary reason for relocation. It seems renters want more space and the affordability that comes with low square footage - at the same time. Proper consideration of these two seemingly contradictory renter priorities when purchasing a rental property is worth a buyer's time. Satisfying these two overarching needs provides a competitive advantage for rental properties to fill listings and prevent unnecessary turnover.
Multi-Functional Design Solutions
One solution to consider to assuage renters' needs for larger living spaces is multi-functional space design. These design options have come a long way in the last decade with the wild popularity of the micro-apartment and tiny-house movements. Space creativity has transformed from a fad into a fully-fledged multimillion-dollar high-tech industry. One company taking the lead in maximizing space is Ori Living. At the touch of a button or with voice activation, walls open into closets, beds drop from the ceilings, and pocket offices emerge from behind the entertainment unit.
Increase Space Usability
Square footage usability is doubled or tripled with these amenities as apartment spaces are transformed based on activity. Space-saving amenities like the Ori Closet can be pre-installed and marketed to potential renters as a way to satisfy their urge for a larger living space. Increasing the appeal of apartment listings to a broader audience with a diverse set of space functionality needs. This hybridization of apartment spaces between living, working, and playing gets to the root of the need for larger living spaces. These dual-use designs can also cut down on turnover for renters with affordability issues. Space transforming amenities provide renters with increased options for savings by including more affordable smaller square footage spaces. Cutting down on space while increasing space functionality also means reduced heating and cooling bills. Rental property buyers with an awareness of developments in space design will have a clear advantage in the evolving rental market.
If you want to stay on top of other trends like the evolving priorities of renters, learn about contactless property management. To find out more about Targa Real Estate property management services, contact us.