Gone are the days of boring, high rise apartment buildings. When people are looking for a place to live, they are looking for a lifestyle, not just four walls. What trends are revolutionizing multi-family real estate, like that of Steven Taylor Taylor Equities?
Urban Renewal
It’s getting more expensive to build in major cities, so you may have to find another option to keep your costs manageable and to avoid pricing potential residents out of the area. One good way to get around this is to renovate existing buildings in an urban area. Not only will you be doing good for the community, but this will also give your building a unique look and feel.
Mixed-Use
Residents these days like having all of their daily needs met as conveniently as possible. Including commercial and office rentals that are open to the public as well as residential units in your development project means you will be creating a walk-able, downtown feel no matter where the property is located. Allowing grocery stores, office space, gyms and restaurants into the plan is sure to attract people to your mixed-use property.
Affordability
More so than ever, renters are prioritizing affordability over all else. The name of the game used to be luxury, but now it’s considered smart to play to the middle market. In more competitive places this may mean leaning into the micro-unit trend. If you’d like to offer larger floor plans, it may mean choosing a less competitive development location, like suburban or rural areas.
The real estate industry is responding to the lifestyle of modern-day residents with these types of changes. More and more families have turned to apartment living rather than home buying or renting, so the market needs to reflect their needs. If you are a developer, keep these considerations in mind when starting your next project.