Trends in housing market: The Next Generation

real estate, tips for buyers and renters  /   /  By Tracy

For many renters, there are plenty of amenities that have become standard, such as pools, fitness centers and even walking trails. Still, there are amenities on the horizon that reflect trends within the housing market itself. Particularly the trends toward green living, affordability in terms of smaller spaces and even disappearing kitchens.

Trends for non-pet renters

One of the first complexes that cater to renters without pets. While it was a trend in recent years to include grooming areas for pets, as well as dog parks and other pet-friendly amenities, landlords need to keep in mind renters without pets. Thus, if you are planning to move into a pet-friendly complex, understand that they will not be going anywhere soon.  However, landlords can also create amenities for non-pet owners, such as a specific non-pet elevator or units for those renters with dog or cat allergies. Thus, these complexes can draw a variety of potential tenants.

Micro kitchen

Another point is that kitchens are beginning to hide, versus being out in plain view. While open concept has not disappeared, micro kitchens that can hide away behind cabinets have become very popular. In as little as 6 linear feet, one can include appliances, storage space and counter space. The cabinetry can blend into any background or overall design, making the kitchen less of a focal point within a living space.

Along with micro-kitchens, look for changes in how common spaces are used. For college students who will become the next wave of renters, they are accustomed to food and drink being available in communal areas. Apartment complexes may also offer these options in the public spaces throughout the complex, thus complimenting the community feeling millennials and baby boomers are looking for by encouraging individuals to gather. These options can also appeal to those who just want to grab dinner close to home or those who would prefer not to leave the complex to eat on a weekend.

Furnished apartments

For millennials in particular, furniture and other design options that serve multiple duties is also a plus. Many are living in much smaller spaces in order to maintain an affordable rent. Thus, they want to have the luxuries that also offer practical solutions, such as Murphy beds or couches that encompass additional storage for blankets or extra pillows.

Complexes with green building standards need to add this in their conversations with prospective renters. As more buildings and complexes are including these standards, they are less likely to be associated with higher rents in terms of marketing. Millennials are more aware of the environmental aspects of their homes than ever before, so it is important to make sure you highlight those standards. At the same time, it does not need to be the primary focus of your marketing.

When it comes to amenities for renters, there are many trends focusing on affordability, disappearing design and non-pet owners. Yet when it comes to many complexes, the best rule of thumb is not go too far in one specific direction with amenities. Thus, the complex can cater to a diverse renter base, which can also be a marketing draw.

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