Amenities that Millennials Expect in a Multifamily Property

Millennials look beyond basic facilities when they move to a multifamily property on rent. Multifamily investors and property owners, therefore, need to innovate ways to ensure the attention of the millennials. As low cost is one of the primary attractions of multifamily apartments, the investors and owners should also ensure that the multifamily building plans don’t put too much weight on their pockets. They can raise the rent only by a certain percentage and high renovation cost may offset their profit.

To help multifamily investors extract maximum ROI of their investments, here is a list of five amenities that makes sense to millennials.

Let’s have a look

1. Gates and Bridges

The millennial generation is often looking for out of the box ideas to rejuvenate. Whether it’s about taking an evening stroll or just sky watching, they are searching for outdoor havens. So, thinning the line between indoor and outdoor spaces can help investors attract millennials to their multifamily outlets. To start with, investors can include building decks, patios, small gates and bridges inside the multifamily property where millennial tenants can take a morning jog, relax or just plug into their workstation.

2. Hangout Areas

As millennials are getting more inclined to the residential lifestyle, multifamily building plans need to include cyber lounges to outdoor dining spaces to smart cubicles. The millennial generation is increasingly social too, so equipping them to hold cocktail parties, cook-outs and casual meetings can enhance their interest in multifamily outlets.

3. Smart Home Automation

Smart home automation enables the tenants to control a few features of the home, even outside. This mainly includes security, electronic appliances, temperature and lighting that can be controlled by a single device, usually a smartphone. Combining these features or including only a few provides a better living experience for the tenants, and should be an integral part of multifamily building plans.

4. Open Spaces and Fitness Amenities

Millennial  tenants consistently strive for open spaces and fitness centers to suit their lifestyle. Next to the list are in-house amenities such as dog parks, pet wash areas, vehicle repair centers and relaxation areas. A multifamily property that includes these essentials is known to attract more millennials , resulting in fruitful returns for the investors.

5. Maintenance Facilities

More often than not, millennial  residents are busy people and seek rental properties that are well-maintained. On-site maintenance services that can take care of issues such as leaky faucets to squeaky hinges, HVAC maintenance, and pest control are only one of the things that deserve a place in a multifamily building plan.

You may like: Key to Maximizing Renovation Returns

The Way Forward

Multifamily innovation, rather than renovation is the key to attract millennial tenants. While renovating a property, investors need to bring in innovative ideas that goes along with the lifestyle of the millennials, in order to extract maximum output from multifamily building plans. Therefore, before implementing a multifamily building plan, investors must brainstorm creative ideas to appease millennial tenants with renovation contractors followed by effective execution of the plans.

Multifamily Housing: The Preferred Choice of US Citizens

While the US has historically been a country where people aspire to home ownership ,the trend has been changing to more and more people renting rather than owning. The reason behind this shift lies somewhere in President Bill Clinton’s tenure and “The National Homeownership Strategy.”

How the Market Changed
Today, America is experiencing more and more families that want or need to rent rather than purchase. In fact, homeownership is at an all-time low in United States. Experts believe that the economic downturn and the current demographic of the country are the cause for this change. Let’s see the main pointers that brought home ownership rate to 64.7 percent.

Multifamily Housing - The New Hot Property
Multi-housing was never a fad in America till last decade. Americans have always preferred single housing for their love of open backyards and of course the barbeque. In 1995, Clinton government’s net strategy brought about a huge boom in home ownership across the country. This period saw huge sales in single housing units where are multifamily units grossly lagged behind. This is where the seeds of change were sown. One day at a time, single housing lost its charm. How?

Sluggish Economy
The 1995 real estate boom saw a huge downturn in the early 2000’s. When the economy was down, most of the people lost their jobs and single housing became easily unaffordable. More and more people started renting or went for multifamily options which were much cheaper at that time because of low sales. Now multifamily units have become the new trend with the current generation.

Change in Demographic Pattern
The current demographic pattern suggests that most people who purchased a new house in late 1990s didn’t need to buy again. Their children who were young adults during the economic downturn are finally settling down now. So, homeownership is taking a turn again, yet, the response is still lukewarm. Even many affordable housing contractors have failed to sell single units.

Tight Mortgage Norms
Getting a mortgage on single family units in today’s economy has become very difficult as compared to a mortgage on multifamily units. So, we can safely say that current economic conditions and new government policies have also actively contributed to the fame of multifamily housing.

Psychographic Changes
Rampant development plans, knee jerk financial policies and the changing demographics of the nation have changed how the country likes to live their life. Nowadays, people are more bent towards convenience and security. A multifamily unit means sharing responsibilities and a whole lot of security which comes from living in a close knit structure.

Conclusion
Today’s generation prefers not having to mow a lawn over missing a Memorial Day lawn party, on their personal property. Most affordable housing contractors are doing good business selling and renting multifamily units. It looks like this real estate trend is going to sweep the United States with a completely new and modernistic lifestyle.

How to Find the Best Multifamily Housing Contractor in Scottsdale

If advertorials and TV programs made you believe that investing in real estate can make you rich overnight, you are heading in the wrong direction. However, we cannot deny that there are several types of financially rewarding real estate investments and multiple family housing is one of them.

Before making the decision, ask yourself if you are ready to bear the stress of renting out your property to others and taking care of it. Keep in mind that a single family unit can't be turned into a multi-family unit without introducing structural changes.

If you are ready to make major changes in the entire layout of your property and renting it out to others, welcome to the world of real estate commerce. According to azcentral.com, Arizona's most visited local site, Scottsdale is seeing the biggest growth in multifamily construction in decades. Since the start of 2013, permits for over 4,000 multifamily units have been approved and many of the mid- and high- rise projects are either under construction or are already open.

The competition to swiftly let people inside the multifamily unit is high and yours can only stand out if it is constructed intelligently. When people are looking for a multifamily property, they are not looking for something that is very spacious but a house that is:

1 - Comfortable
2 - Affordable
3– Beautiful

When you have decided to turn your old single family residential property into a multifamily one, make sure that you pay attention to the smallest of things to build a perfect place called home.

The safest approach is to call a multifamily housing contractor in Scottsdale. But why? Won't this turn out to be an expensive affair?

While comparing the DIY cost to the approximate price quoted by the multifamily housing contractors in Scottsdale, you will definitely find the second option costlier. What we suggest is, do not look at the short term expenses but plan a financially benefitting strategy for years to come.

There are so many multifamily projects under construction, which means you have to look for a contractor whose work will give your property an edge over the others. The question that now remains is how to go about the search?

Checking out the websites of reputable contractors on the Internet is the first step one should take. A website speaks volumes about a company. If there's ample information shared about the contractor and he has also shown the photographs of completed projects, you can rely on him.

Talking to family members, friends, and acquaintance often helps. If some of these people have already worked with the contractor, they will know the quality of work and will give appropriate feedback.

It isn't a bad idea to invite price quotes from three or four contractors, compare their work, read feedback online and go ahead with the most suitable one. This process is time-consuming, but chances are nil that you will regret the decision later.

Always hire a contractor who understands the importance of CAB in developing a multifamily housing unit. But, remember that your motive shouldn’t be to hire the most expensive contractor but someone who has good reputation in the industry, extensive experience, and understands what is current in the multifamily housing community.