multifamily construction and renovation trends

Multifamily Construction and Renovation Trends- 2017

Every year, developers, property owners and managers look for new ways to provide the most updated and refreshed spaces for their current and potential residents, all while sticking to their renovation and remodeling budgets. And, every year, design and remodeling trends evolve and change. For 2017, here are the most popular multifamily construction and renovation trends being seen across the country:

Multifamily Construction and Renovation Trends:

Open Layouts

The most common floor plan in new construction features open concepts, meaning less dividing walls between the main living spaces like living rooms, kitchen and dining spaces. For already constructed properties, it may be worth an investment to hire a renovation or remodeling company for a consultation in expanding spaces. Residents are attracted to open concepts because they look and feel bigger than their square footage dictates. A trend like an open floor plan is also not going out of style anytime soon, so it could be a worthwhile investment to make your property more attractive to potential residents.

Multifamily Construction and Renovation Trends:

Contemporary Materials

In the past, modern materials were considered simply : granite countertops. However designers and builders are incorporating other materials to give a unique and contemporary look. Poured concrete and stainless steel remain affordable and durable materials for countertops that convey an industrial look, which many properties are using in order to move toward a more urban or “loft” style apartment concept.

Designers are spending more time on lighting as well. While traditional basic lighting is affordable and gets the job done, investing in lighting trends like modern, industrial, rustic, vintage or warm metallic light fixtures will upgrade the space and make it feel more sophisticated. Utilizing LED lighting will also help with energy efficiency.

Multifamily Construction and Renovation Trends:

Newer Community Amenities

Gone are the days of a pool being the most luxurious amenity at a community. Residents today are looking for their apartment communities to resemble hotels or vacation resorts. When comparing properties, residents will be looking for updated fitness facilities that not only include quality equipment, but also fitness or yoga classes. Pet-friendly communities can also step up their game with fenced-in dog runs and pet washing stations in order to stay competitive.

Additionally a top trend is outdoor amenities such as garden areas, walking / fitness areas as well as outdoor fireplaces / pits, comfortable outdoor seating and gathering areas.  All of these are on point with residental housing trends in the single family home sector.

Multifamily Construction and Renovation Trends:

Technology Updates

Since technology is constantly evolving, a common complaint is the minute you purchase the newest and hottest item, it’s immediately out of date. So, why make apartments and communities high tech if they’re just going to be out of date again soon? Well, there are universal minimal tech-friendly updates communities can make to attract the tech-savvy resident.

First of all, working in a “command center” to a design or remodel will be a feature that residents will always love. Even if residents mostly have mobile or wireless devices, having a dedicated spot in the layout where residents can work or charge devices is smart. Secondly, cutting edge communities are starting to incorporate some of the products and services provided by rising tech companies, specifically for home living. For example, companies that provide web-connected sensors like turning on and off light switches with a smartphone, motion sensors that inform residents when the door has opened, and digital thermostats that can be controlled from a device are on the rise.

Even keyless thumbprint entry can seem like a large investment upfront, but could be a money saver in the long run when keys don’t need to be made every lease turn. Smart home and AI products have started trending in multifamily in 2017 and will continue to increase year after year.

In order to stay competitive in the modern market, developers and property owners need to keep their communities fresh and up-to-date with the most current in-demand housing trends. Not only will it attract residents, it will keep current residents happy and renewing.

 

 

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