If you own, manage or have been thinking about getting into multifamily properties there are definitely some current trends that you will want to pay attention to. These trends may decide whether your properties are full or if you have a vacancy sign outside. As the premier agent for apartments for sale in Vancouver, I would like to share with you some of the multifamily housing trends of 2018.
Attract Diverse Demographics
Gone are the days that multifamily properties appealed to only one demographic. Currently, multifamily properties are very attractive to at least two:
- Empty nesters who are looking to downgrade their housing size because their children have moved out.
- Millennials who are attracted to an urban lifestyle and may lack the funds to invest in the housing market.
Both groups are looking for apartments that are well-landscaped, have a high walkability score and are nicely maintained. Make sure to invest in well-lit pathways, landscaping and keep your property properly maintained to woo these groups.
A little bit of luxury can go a long way. Tenants love the added touches of class, such as hardwood flooring and bright, well placed lighting. Other luxury trends that you may want to invest in include:
- A pool and work-out area.
- A yoga studio.
- A large common room with a home theatre system and comfortable furniture.
In many cases, tenants are willing to pay extra rent to enjoy these types of luxuries. A multifamily property with these amenities is sure to have a steady stream of interested renters ready to pounce on any vacancies.
If you have been looking to set yourself apart from the other rental properties think sustainability. A bike room and composting or green energy are all attractive pieces, especially for Millennials and younger renters. Many energy efficient upgrades also come with a tax credit, which will not only benefit the environment, but it will also benefit your bottom line as well.
If you have been thinking about investing in your multifamily property or are looking to get into the market, one of the current trends is offering high speed internet and fiber optics in common areas. You may also want to provide individual apartments with technology such as smart thermostats or even customizable entertainment packages.
If your property has room for a business center don’t forget to provide reliable and fast wireless connection, printer and fax capability and even videoconferencing equipment that is available for use.
Here’s the deal:
A growing segment of tenants are extremely reliant and technology savvy and are looking for places that can meet their requirements. Make sure to be a part of this growing need in rental properties or be prepared for a large number of vacancies.
Micro-units of 350 square feet or less are becoming more popular every day. They are the perfect space for young single professionals who do not want to entertain at home but want to live in populous, metropolitan centres such as downtown Vancouver. By providing these types of units, you may be able to accommodate more individuals in your property and serve this expanding new market.
Not all these trends make sense for every multifamily property. However, if you are looking at getting into the market or are wanting to invest in your property, you may want to pay attention to these new niche markets. If you would like more information about the availability of multifamily properties in your area or are interested in getting into this exciting and profitable market, please contact me today.