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Which multifamily amenities will renters demand in 2022?
Everest has the must-have list for your next building makeover
Everest has the must-have list for your next building makeover
Every year, interior design trends come and go. While renters of the late 2010s wanted white kitchens and high-end finishes, pandemic-era families are in search of home offices and ample outdoor space. There’s no knowing what the next ‘it’ factor might be.
To stay competitive, owners and investors turn to today’s top interior design experts to predict the next wave of multi-family trends. They also watch what developers are doing in the country’s most popular 4- and 5-star hotels and resorts.
“Many of the latest apartment and condo complexes have become less about square footage and more about the amenities they offer,” says Sandra Drake, Vice President of Sales at Parterre. “Renters are keen on having top-of-the-line amenities in their living space, marrying the hospitality setting with the residential setting.”
Home to hotel: the best of both worlds
Last year, COVID concerns had most renters shying away from opulent fixtures, over-the-top accents, and other pricy nonessentials. But now that worries are quieting down, luxury living is back with spirit.
“Residents are expecting these amenities, and without them it can be hard to compete.”
Many of the most sought-after amenities are technically shared spaces—common areas utilized by a number of residents, so everyday upkeep and management are mandatory expenses. Still, the shift toward high-end amenities may be a blessing in disguise for property owners short on unit space.
Renovating individual apartments can be costly and difficult if they are currently occupied. Not to mention, existing properties must comply with local building and zoning ordinances. To make things simple, try to offer at least one shared amenity. The initial expense almost always pays off in the end.
“These services are often reflected in the price tag,” writes Drake. “Many renters are willing to pay the extra money for these features that make their day-to-day lives easier and more convenient.”
If you’re working on a ground-up project, incorporate as many shared amenities as possible. From cozy lobbies and state-of-the-art workspaces to onsite coffee shops and rooftop patios, the sky is (literally) the limit.
The Ultimate Amenities Hotlist, 2022
While any amenity is worth its weight in gold, the following trends are sizzling into next year. Take a cue from today’s most forward-thinking developers:
1. Valet Parking
Similar to what you might find in a luxury hotel, concierge services are now a staple in high-end apartment complexes. If your property is located in a busy city center and lacks assigned parking, this amenity is even more coveted. Residents enjoy priceless peace of mind knowing they will never have to circle the building in search of a spot.
“A valet parking apartment can either hire valets to work in-house or contract a third party,” says Elite Valet. “[It’s] managed more effectively compared to public parking, with no worries about finding an open spot or walking a long way back. The luxury of having your car waiting for you at the front is always a pleasant touch, too.”
2. Rooftop Lounges
When there’s no space on the ground, your last resort is to look up! For years, savvy property owners have transformed their rooftops into cool hangouts for tenants (and paying customers). Bonus points if you have a good view of the city or ocean.
“The rooftop is now the hottest place on the property to be,” writes Lauren Shanesy of Multifamily Executive. “The emerging spots provide a trendy, al fresco atmosphere where residents will want to spend most of their time enjoying skyline views—leading to opportunities for extra revenue and an increased likelihood that renters will renew.”
3. Fire & Barbecue Pits
The pandemic has reignited people’s passion for nature, and this is no better symbolized than in our obsession with all things camp. Whether it’s a built-in paver fire pit or just a quaint community barbecue, residents will love the invitation to get outside (at no cost). Just be careful when it comes to local ordinances and general fire safety.
“There must be a delicate balance between cultivating community and making safety a priority when neighbors have guests over for dinner and want to use the clubhouse,” says Condominium Associates. “A unit owner must monitor the area when an open-flame device is in use and is responsible for any damage to the structures, patio fences, and landscaping.”
4. Swimming Pools
They may be a liability worry, but they’re still making a splash decades later. Renters young and old all seem to want a swimming pool, even if it can only be enjoyed for a few months out of the year.
“When you are considering what to charge for rent, having a pool on the property can be one of the elements that allows you to charge a higher fee,” says Jeff Caldwell of Multifamily Insiders. “This is even more so the case when you have upgraded the area or if you have extras like a hot tub or cabanas.”
5. Kiddie Parks
Apartment living can be tough on young kids, so having any kind of designated walking path, onsite green space, or enclosed pasture is highly desirable. This is especially true heading into 2022, as many people have adopted a more holistic, child-focused lifestyle during the pandemic.
Everest says: it’s all about the extras