What new and emerging markets expect from multifamily units

With millennials and Generation Z as the primary driver of the rental market, it is time imperative to rethink the quality of the real estate so as to meet consumer expectations.  Already, with a large percentage of this population ready to settle down and start families, the demand for multifamily properties has grown tremendously, particularly in city suburbs and urban centres.

Some astute property developers are tapping into this new emerging market by offering the kind of properties that are viable while others are yet to come to terms with the fact that times and market demands have changed.

Enoch Mugarura, a real estate agent with more than a decade of experience in the industry under his belt says consumer demands have significantly altered trends in multifamily property development.

He notes that the kinds of amenities that multifamily tenants are looking for are those that can support their lifestyle.  So if you are looking to tap into this market here are key ways to create spaces that work for today’s residents.

Technology and more technology

Technology has permeated our society and runs almost all aspects of our lives. Therefore, we need a place that will enable the use of our devices effortlessly.

When designing spaces, builders should keep in mind that tastes are gravitating towards “smart homes” with voice technology, smart locks and occupancy sensors.

For instance where will you install the home control system and will it work with the pool controller? The burglar alarm? The motorised shading? Door locks? How do we make this house easy to operate for my clients? Where do we need control points?  Where should the lighting keypads be located? Can they control shades and skylights from the same keypad? How much space is needed for lighting panel enclosures? Are they able to make the lighting colour change throughout the day automatically to mimic natural sunlight? Tenants will see more value in this and will have an extra true commercial edge.

Mugarura recommends going a stage further and partnering with a service provider that can avail cost friendly internet services for residents.

Go for esthetics

The world is our stage but our homes are the rehearsal studios. As such we want homes that have the right props that will make our content unique. The property developer can take advantage of this by creating special features in the house.

It could be a special wall that pops in our photos, perfect bathroom lighting, unique bathtub or a breathtaking staircase.  Big windows will help you achieve functionality and esthetics because you will have a home that is filled with light when you need it, but also enables you to control the light to create your perfect ambience.

Luxury amenities

Since the beginning of the pandemic, people are spending more time at home than ever before and seeking high-quality amenities that complement their adjusted lifestyles.

Luxury amenities, especially those focused on convenience, health and wellness and entertainment, help lure potential residents and drive the demand for a modern multifamily housing.

Residents will prefer a housing unit that gives them luxury amenities such as a gym, restaurant and grocery store within their complex. Several luxury residential now have added amenities such as cafes and restaurants, state-of-the-art health and wellness clubs and let us not forget an abundance of parking. 

Eco-friendly

Mugarura confesses that he sometimes finds himself at a loss of answers to the questions asked by potential clients. While this demographic is happy to leave a considerable digital footprint they want their carbon footprint as little as possible. They are more health-conscious, socially aware and environmentally responsible.

As climate change becomes an increasingly hot topic, many millennials are looking to move into multi-family units that have been sustainably constructed and are eco-friendly.

Mugarura says he has had to teach himself the buzzwords such as sustainable practices and locally materials which make his properties more desirable.  Therefore developers alike would be doing themselves a favour to look for effective ways to incorporate sustainability into their properties. 

Doors

Doors too are a big pull.  They do more than offer proetction, now they are a prop for our lives. The more unique, the better.

From the minimalist plain door to a bold pop of colour for the flamboyant.

Do not shy away from playing around with colours across the pallet and quirky patterns. 

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