What Are Renters Looking for in Housing?
When it comes to apartment living, more renters want convenience and to be near urban and public transportation hubs, according to industry experts during a recent webinar hosted by the National Association of Home Builders. The experts highlighted some current trends in multifamily housing, including:
Urban lifestyle: The millennial generation makes up the largest segment of renters and they are showing a preference for living near urban areas, prompting more builders to target urban areas for more multifamily housing.
“It’s all about the lifestyle for today’s renters,” Jeff Kayce, vice president at Bozzuto Development Company, said during the webinar. “They want the urban experience of less commute time and immediate access to various activities. Because of this, many developers are building near transit hubs and along transit lines.”
Common areas: Common areas in apartment-living are also getting makeovers, with these areas becoming more inclusive to various activities and more open. “In the previous design cycle we saw separate, distinct rooms,” Rohit Anand, principal of the KTGY Group, said during the webinar. “Now we have the computer room, media center and lounge all part of the same room, for example. This type of design helps foster interaction among residents.”
Fitness centers: More renters want larger rooms—at least 1,500 square feet—and a room with a view. Renters also say they want state-of-the-art fitness equipment as well as a yoga and Pilates area.
Extra amenities: For example, extra perks like dog runs, pet washing stations, garden plots, and bike storage/workshops also are a way to attract more renters.