As 2023 approaches, renters are starting to dictate terms in the multifamily market! Are multifamily asset owners prepared for it?
As 2023 approaches, renters are starting to dictate terms in the multifamily market!
Are multifamily asset owners prepared for it?
In 2022, both tenants and landlords want functional solutions that look good, create cozy and homey atmosphere and make the lives of renters better every day.
Multifamily assets with lobbies, common areas, outdoor facilities, and even work spaces, will be the key differentiator for attracting and keeping stable, reliable and good quality renters.
How can multifamily owners and investors prepare for the new reality ahead in the multifamily rental market?
High End Classic
High-end design features are becoming more and more popular, especially with millennials, who make up the largest segment of renters. These aspects range from flooring and lighting to furniture and décor. High-end classic is a fresh, supplementary focus for this multi-family architectural style.
The palette of a classic staple with high-end materials, including engineered hardwood floors, and can be refreshed with straightforward accessories and touch-ups.
Multi-family settings can still appear fresh and modern, regardless of when they were remodeled, by combining high-end classic components, designs that are both elegant and timeless.
Traditional flooring choices like carpet or ceramic tile can be aesthetically pleasing but may not be functionally advantageous in a multi-family scenario. Residential flooring needs to be attractive, long-lasting, and easy to clean. Flooring materials are essential to the proper integration of a space and are constantly growing and improving.
The design options available with engineered hardwood and LVT are unequaled, and they also have superior durability, easiness of cleaning, and cost-effectiveness. The living room, corridors, and bedrooms are just a few places in a multi-family building where LVT and hardwood flooring can be installed. LVT is the best option for rooms like the kitchen or bathroom where spills or moisture can occur.
Light color palettes and neutral finishes, which are common European choices, have also gained popularity as multi-family design trends. These colors include paler shades of gray or yellow that are associated with “stress-free living.”
Many designers are using metallic components in their finishes to give these neutral tones a flash of color. Many individuals are employing the combination of light and reflecting materials to liven up multi-family living areas, whether it’s fixtures in the kitchen or bathroom or eye-catching lights.
Common work spaces
In our age of mobile work, there are so many different types and sizes of workspaces. We have plug-in workstations, cozy chairs where you can curl up with your laptop, and private rooms where you can close the door if you want some peace.
Due to their versatility, these rooms can switch between being conference rooms and private dining rooms for celebrations of significant occasions.
Renovation and repurposing
The remodeling and conversion of historic buildings and spaces into living spaces is one of the multi-family design trends to watch in 2022. Exposed brickwork and high, open ceilings add character and a distinctive look that set it apart from other domestic living areas. Residents could also appreciate that some refurbished industrial spaces have a unique feel.
Renters are passionate about having top-notch amenities in their residences, fusing the hospitality environment with the residential environment.
These areas allow locals to extend their homes and enjoy them in a fashion that suits them, in addition to offering a place to socialize with friends, family and neighbors.
Most popular amenities preferred by renters include valet parking, concierge services, fire pit and barbecue areas, rooftop lounges, swimming pools, and dog parks.
While these services are often reflected in the price tag, many renters are willing to pay the extra money for these features that make their day-to-day lives easier and more convenient.
Ready to start your next project?
Please contact us to learn how we can best help you to turn your next investment project into a success.
Telephone: (954) 570-0300
Address: 850 SE 7th Street, Deerfield Beach FL 33441
About Adivo Construction
We are a national general contractor with over 50 years of combined construction expertise specializing in the value-add improvements of apartment communities.
Our mission is to assist our clients in finding the right balance between capital expenditure and appreciation potential by designing and executing customized renovation programs that are focused on increasing cash flow return and overall return on investment.
We have completed over 100 repositioning projects for publicly traded and privately held domestic and foreign companies in states such as Florida, Texas, Kentucky, Oklahoma, Georgia, South Carolina, Utah, North Carolina, Tennessee, Indiana, Michigan, Missouri, Arkansas, Ohio, Arizona, Nebraska, and Kansas.