The demand in the multifamily market is forecasted to grow in 2019. Now is the perfect time to either invest in the market or take steps to keep your property relevant and in high demand for the upcoming year. As the premier real estate agent for apartment buildings for sale in the Lower Mainland, I would like to share the following multifamily trends for 2019.
Perhaps the biggest driving force behind rental trends in 2019 is going to be technology. As the demographics continue to shift, more and more tenants are looking for Wi-Fi and other technologies. Smart technology is quickly becoming a growing trend and will definitely influence the 2019 market. Smart technology gives tenants more control over their property and includes:
- Keyless entry.
- Smart thermostats.
- Doorbell cameras.
This type of technology not only increases interest and demand for your multifamily property, it will also save money in the long run.
Millennials have taken over the tenant market and this change in demographics has altered what renters are looking for in terms of amenities. They will pay more for smart technology and other such amenities, so make sure that apartments are ready for the millennials.
It is no secret that the rental market in the Lower Mainland is very competitive. Even with the new housing starts and the government’s pledge to create more rental housing, this trend will continue in 2019.
The Amazon era is upon us. Amazon’s share of the retail shopping sector will continue to grow in 2019 and your tenants will need a way of accepting packages. Many apartments are installing smart lockers which will allow them to pick up their parcels whenever they can. This is another example of smart technology as these lockers are opened by an app on the tenant’s smart phone.
If you do not have a bike locker in your multifamily property, you need one. The shift in demographics means a shift in what type of transportation many tenants are choosing. To save your walls and elevators from wear and tear, make sure that you have a safe place to store bikes.
With more and more young families choosing to live in multifamily properties, the demand for green space has never been higher. Parks, picnic areas or common open areas are all great ways to attract this demographic. Green space also benefits the community and is a selling factor for tenants.
These multifamily trends of 2019 are sure to influence the rental market. Make sure that you know and understand your tenant’s needs and wants and are ready for the New Year. If you would like any more forecasted multifamily trends for 2019 or are interested in some of the apartment buildings that are for sale, please contact me today. I look forward to working with you soon.
Happy New Year.