The multifamily rental market has changed significantly in recent years, and is expected to continue evolving in the future. Some of the key changes and trends in the multifamily rental market include:
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Increasing Demand for Urban Living: In recent years, there has been a growing trend towards urbanization, with more people moving into cities and seeking rental housing options. This has increased demand for rental housing in urban areas, leading to higher rents and increased competition for available units.
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Shift to Online Rentals: The rise of technology has led to a shift towards online rentals, with more and more renters using websites and mobile apps to search for and apply for apartments. This trend will continue, as technology continues to play a bigger role in the rental process.
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Growing Focus on Amenities: In response to increased demand for rental housing, multifamily developers have been focused on building communities with a greater range of amenities to attract tenants, such as fitness centers, co-working spaces, and community gardens. As competition continues to grow, and tenant expectations continue to increase, amenities will continue to play a larger and larger role in the decision prospect for many prospects.
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Emphasis on Sustainability: There has been a growing focus on sustainability in the multifamily rental market, with more developers incorporating green technologies and sustainable practices into their projects. This is particularly important to younger renters and Gen-z. (Read about catering to Gen-Z apartment renters.) Being able to explain how your community values it’s impact on the environment is an important skill for your leasing agents.
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Increase in Smart Home Technology: There is a growing trend towards incorporating smart home technology into multifamily rentals, with tools and features such as smart locks, energy-efficient lighting, and smart app-controlled appliances becoming increasingly popular. These tools can provide increased safety, increase efficiency, as well as confidence in prospects that your communities are up-to-date and will adapt to the changing needs of renters.
Conclusions
There are dozens of ways in which the rental market has been changing in recent years, only a few are outlined here. Please read through our multifamily leasing blog to keep up to date on other changes that are impacting the industry.
Being prodded by renters to continue adopting technology will not slow down, and technology adoption will continue to be the biggest update most communities will make over the next 5 years. With the rate at which contactless leasing is moving, the owners who don’t adapt to these changes and demand, will fall off the radar of renters and vacancies will increase. Don’t let that be you! Reach out to us to get some recommendations on how we can improve your leasing workflow and help you adapt to the changing rental environment.