5 Things to Consider While Constructing a Student Friendly Multifamily Property

There was a time when student housing meant living in the college dormitory, or a poorly maintained apartment that was shared with a number of roommates. Students were not much concerned about where there lived as they considered it a temporary accommodation. The scenario has changed drastically in the recent years. Today, students prefer multifamily apartments that offer everything from a spa to retail shops and 24-hour fitness centers.  There are however, some common mistakes that multifamily property owners make which reduces the demand for their property. It is advisable to hire reputed multifamily development companies that use their renovation skills to construct a property which provides better return on investment. On that note we provide you with a list of things for you to consider, before constructing the perfect student centric building.

3 out of 4 millennial own a pet
A recent study found that around 76% of the students own pets. If you are a multifamily property owner and plan to rent your property to students, issuing a no pets policy may cut your potential target demographic by a large extent. Making your property pet-friendly by installing built in doors, hooks and niches to keep towels/lashes, resilient flooring options such as vinyl, parks and more, gives students all around, added incentives to move in, along with their pets.

Students Need Amenities
An essential factor that potential tenants, regardless of their age group, take into consideration while selecting a property for rent is the amenities. Students, however, simply cannot live without some of the essential appliances, wifi, washers, laundry rooms and the likes. It’s sensible to make space for the necessary amenities during the construction phase, in order to pull that off. Some landlords offer these amenities without any additional costs to increase the demand of their property among the student renters.

Students Live in Groups
It’s quite rare to stumble upon lone student home hunters; you’d ideally find them in groups, looking for an affordable, fairly spacious apartment to share among 4-6 individuals. It’s practical to have at least 2-3 rooms per flat especially if you are targeting student tenants. If you don’t have enough flooring space, going for smaller rooms is a better option. If you are looking to furnish the house, go for single beds instead of double beds, so your tenants may have some individual space, even if they decide to share rooms.

Students Love Community Living
It is rather silly to expect the young crowd to spend their evening by themselves. What isn’t silly, is the idea of constructing community-living spaces such as study rooms, gym, conference rooms, or plainly just a community room where students can spend some time with their friends.

Students Want… Everything!
This is where your budget comes in. When you’ll be entertaining potential student tenants, be sure to expect questions like ‘so what else does the building have to offer?’ Multifamily property owners who provide specialized student housing accommodations that are well-finished, with facilities such as pool, gaming arcade, spa to attract more tenants. If you plan to construct a property that are loaded with all the amenities, you can take the help of reliable multifamily property contractors.

Those were just 5 of the many things it takes to build a perfect student friendly multifamily property. As the demand for student housing is on the rise, the useful tactics enable you to establish a competitive edge over your competitors.

Is Multifamily Property the Right Investment Option for you?

The trend of multifamily property investment has drastically increased in the US over the past few years. Although, there are several advantages of buying a multifamily property but it might not be the right investment decision for everyone. Before you finally enter the multifamily property market, it is necessary that you know it inside out.

What is a Multifamily House?
A multifamily property has several residential units, each inhabited by individuals of the house or the tenants. It can be a property with multiple buildings or one building in the same complex. Apartments, duplex houses, townhouses and condominiums are the examples of multifamily property. When you decide to buy a multifamily property, you need to be sure about the type of house that would fit into your requirements. You can seek help of a multifamily housing contractor to finalize the type of property that you want and how much repair cost you need to incur to renovate the property.

Is Multifamily House Right for You?
Investing in a multifamily property  may work well for you, especially when:

You are not ready to take risks
Although there's no proof that it’s 100 percent safe to invest in multifamily properties but there's always lesser risk attached to them. It might be difficult for a single family house owner to find a tenant at a short notice, which means there will be no income for the time the property remains vacant. If you own a multifamily property, you get at least certain fixed amount from other tenants even if a few units are unoccupied for some time.

You want to live in a house yet make profit by renting it
At times, owners are prefer to live in the multi family property to look after its maintenance and any other related job on a regular basis. If you rent out a single family house, regular maintenance and look after gets difficult. The owner of a multifamily property can decide if he wants to live in one of the units and take care of the property himself.

You want to have a building with its own culture
When we have people living in the same complex and the responsibility of taking care of the property, we are free to introduce a specific culture in the community. For example, if you support an environment friendly atmosphere, you can install solar panels and other energy efficient products in the units. In addition to this, you can motivate the tenants to be a part of the drive.

A Multifamily House Isn't a Good Choice When:

• You don't have ample time to spend on administering the property and taking care of it.
• You want a real estate investment with high appreciation value. A single family house has better appreciation over the multifamily one because it has more demand in the market.
• You are not interested in a complex financing option because purchasing a multifamily house means more money and approvals involved.

Investing in a multifamily property is a great option from the perspective of future benefit. It is, however, always a better idea to research about a property, figure out if you actually need it and then come to a conclusion. A well thought investment pays better in the long run.