Learn how these trends can increase your property value and boost tenant retention rates
In more ways than one, the demands of multifamily renters have evolved immensely. Many of these changes came into effect due to the COVID-19 pandemic, while others have been spurred by society’s ever-changing technological advancements.
As a multifamily investor, it’s important for you to keep up with popular rental trends because they can make or break your return on investment (ROI).
Join us to explore the top four multifamily property trends you need to know about as you’re buying and selling investment properties across Florida and beyond.
#1: Health and Wellness Spaces
The proven benefits of exercise and what it does not only for your physical, but mental health, are vital for your tenants and their overall well-being. One of the most popular trends that can increase the value of your multifamily property is providing a space that tends to the physical and mental health needs of your tenants.
Incorporating a gym for cardio and strength training as well as a studio for activities like yoga, meditation, and dancing can be a significant contributing factor to someone deciding to make your property their home. If your property provides people with spaces that prioritize their health, people are more likely to stay for the long run which will boost your tenant retention rate.
#2: Community-Focused Spaces
After the difficulty of isolation during the height of the COVID-19 pandemic, another top trend that has emerged for multifamily properties is community-focused spaces that allow people to meet and connect with each other. In these community-focused spaces, social events can take place where people can get to know their fellow tenants.
Community-focused spaces will not only boost your tenant retention rate, but also increase your property’s overall value because it showcases that it’s a social environment where the residents are valued and appreciated.
#3: Pet-Friendly Apartments
With approximately 1 in 5 households in the U.S. adopting a dog or cat between March 2020 and May 2021, being able to bring a furry friend along to a new home is a non-negotiable for many renters nowadays. [1]
Providing pet-friendly amenities like a dog park and dog waste disposal areas can appeal to a wide variety of potential tenants—and their furry companions.
“People love their pets, so adding an amenity like a dog park is an excellent way to attract tenants. It’s also a great opportunity for owners because you can charge pet rent,” shares Joe LaFleur, co-founder and multifamily investment advisor at 100Units. “When people bring their pets to live with them, you can charge pet rent, pet deposits, and pet fees. You’ll be focusing on something that your tenants really like, while still benefiting yourself as the owner.”
#4: Technology-Friendly
If you want to attract modern-day renters to your multifamily property, an important element is the technology used within your property.
For example, using energy-saving technology like Nest, can not only prevent wasted energy, but also decrease the heating and cooling bills for your property as a whole. Another popular tech trend that can attract potential residents to your property is virtual tours. Virtual tours give potential renters a 3D model of your property, so they can feel like they are actually there.
Using technology throughout your multifamily property shows individuals that you care about the technological updates that can make their lives easier.
Related resource:
How COVID-19 has driven the adoption of new technology in multifamily
Interested in working with a multifamily investment advisor?
If you want to increase your property’s value, boost tenant retention rate, and attract modern-day renters, all four of these trends are essential to doing just that.
At 100Units, our team of highly skilled and passionate individuals will meet all of your multifamily property needs by analyzing trends, market conditions, and local competition to ensure your investment success.
If you’re looking for further advice on investing in a multifamily property or searching for the right property to acquire in Florida, contact our team today at 866. GO.UNITS or fill out the form here.
Source: