Changing consumer preferences and an increased focus on quality of life and wellness are driving big changes in multifamily development – and the trends show little signs of slowing, according to one industry vet.
“Amenity spaces have evolved based on the habits and lifestyle changes of our residents,” says Laurie Lyons, vice president of business development at Pegasus Residential. “Some of these changes are a direct result of the changing work environment such as work from home. As people continue to work from home, they desire work stations, more space, sound proofing and high speed internet as their number one priorities.”
Lyons also notes that an increased awareness of quality of life factors and overall wellness have contributed to demands for green buildings, smart homes, improved air quality and amenities like salt water pools and meditation areas. She says technology is also playing an increasingly important role for the sector.
“Technology allows residents to self-tour at their convenience and to initiate service requests,” she notes – adding that tech also enables other services at like “grab-n-go”, dog-walking and package delivery scheduled at residents’ convenience.
Lyons will share her insights on how multifamily properties can adapt to changes in the marketplace through technology, wellness initiatives and programming in a special session at next month’s GlobeSt Multifamily conference in Los Angeles. She’ll also discuss the overall market, which she says will continue to see high demand.
“There are multiple factors which are contributing to that,” she says. “First, we have an increase in renters by choice – people who want to have flexibility, mobility and not to be tied to a mortgage and the demands of home ownership. This includes millennials as well as the largest portion of our current population which is the baby boomers. We also have a large percentage of renters who are not in the position of purchasing a house due to the lack of credit, down payment or income qualifications. Overall, the housing demand exceeds the supply from nearly 20 years of underdevelopment in all housing sectors.”