Shifting Trends! What Is Next For Customer Preferences in 2022?

 

Deloitte research found that customer-centric businesses are 60% more profitable than companies that are not positioned accordingly. In this respect, multifamily properties are no different than a restaurant, an app or corporate services that customers are using.

 

There are more than 21 million other apartment units in the United States that you need to set yourself apart from. Taking appropriate steps to reposition your property to fit the needs and desires of your tenants will enable you to build a strong competitive advantage and put your multifamily property in a position to benefit from the shifting market trends and customer preferences.

 

What are the key shifting customer preferences that you need to take into account?

 

Healthy lifestyle

A recent study by McKinsey Research found that 79% of respondents believed wellness and healthy lifestyle was very important. For multifamily properties, this includes everything from general cleanliness of the property to the building materials and amenities that help support the healthy lifestyle of residents.

 

Residents in the past had a strong affinity for quality outdoor amenities that enhance their healthy lifestyle. The pandemic has only increased the appeal for better entertainment-based amenities, private outdoor spaces with walking paths and landscapes that enable residents to connect with nature and experience tranquility in the comfort of their own living space.

 

Most preferred amenities by residents for entertainment and support of their healthy lifestyle include:

 

• Fitness center or gym
• Discount or free membership to local gym
• Basketball and tennis courts
• Rooftop decks
• Recreation rooms
• Designated pool areas for adults and children
• Designated grill areas
• Movie theatre

 

Strong convenience focus

 

Baby boomers that are downsizing and valuing convenience over single family homes combined with shifting preferences of millennials to rent properties with amenities that match their lifestyle. With this transition, convenience-based amenities will make all the difference in the competitive advantage of multifamily properties.

 

Key convenience-based amenities include:

 

• Free high-speed internet
• Children playgrounds
• Contactless food delivery
• Contactless entry
• Automated alerts for package delivery
• Mailrooms with mailroom management software
• Charging stations for electric vehicles
• Bicycle parking
• Valet parking
• Social distancing measures
• Hand sanitizer stations
• Free masks and gloves
• 24-hour security and surveillance

 

Pet-friendly properties

A 2021 survey by the American Pet Products Association found that 70% of U.S. households have a pet. A dog run or dog park would be an excellent addition to your property but installing pet-waste bags and regularly emptied trash cans around the property will help keep the property clean and increase the customer satisfaction of pet owners.

Depending on the size of your complex and tenant preferences, adding a grooming or pet walking service to give pet owners a convenient on-site option would be a nice touch.

Ready to start your next investment project?

Please contact us to learn how we can best help you to turn your next investment project into a success.

Email: hello@adivoconstruction.com

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.