9 Exciting Multifamily Housing Trends Happening Now

A lot of things were affected because of the COVID-19 pandemic. Restaurants, parks, malls, and other businesses closed when the pandemic hit. Jobs were decreasing, some even vanishing — but what people did not expect was the rise of the multifamily market. According to Forbes, in 2020 there was a 50% increase in the multifamily market, surpassing the results in 2019.

Because of this sudden growth, new multifamily housing trends also began to rise up. At Exact Estate, we’ve narrowed down the top nine exciting multifamily housing trends happening this year:

Top 9 Multifamily Housing Trends

1. Residents Are Now Focused on Health and Wellness

We can’t deny the fact that the COVID-19 pandemic has caused major impacts — not just in the business world but also on people’s physical and mental health.

Because of the lockdowns and the threat of the virus, many tenants are now looking for apartments or multifamily housing units that promote health and wellness. More and more families are now considering housing with pools, yoga rooms, and gyms.

According to Daun St Amad, many residents also demand healthier buildings with fresh air and proper filtration and ventilation. Aside from that, experts also believe that the demand for biophilic design strategies will also increase where tenants can encourage connectivity with nature.

2. Terraces and Balconies

Before, terraces and balconies were mostly seen in high-end residences. Because of the sudden twists going on around us, developers are now putting more thought and effort into coming up with designs and strategies where terraces and balconies are involved.

Experts say that because of the lockdowns caused by the pandemic, many families weren’t able to go out and experience the outside world. Now, adding terraces or balconies to apartments and other multifamily properties promotes a positive mentality and communication with nature.

3. Tenants Demand Modern Amenities

Quarantines are the main reason why residents are not able to experience the things the world has to offer since common areas such as parks and convenience stores have been shut down.

Because of this, many residential building owners have experienced tenants demanding modern and luxury amenities to be put in their buildings. Experts say that most young tenants are renting places that can provide modern amenities. According to them, there are three different classifications of the amenities tenants want to have:

• Convenience
• Built-in convenience stores
• Dog parks
• Exclusive/virtual restaurants
• Mailrooms
• Charging stations

• Health-related
• Fitness center
• Hand sanitizer stations
• Free masks and gloves

• Entertainment
• Rooftop deck
• Patios
• Pools
• Basketball court
• Movie rooms

For multifamily building owners who want to learn how to keep their tenants happy, ExactEstate might be the help you are looking for.

4. Multifamily Housing Is Going Green

Tenants are considering apartments and buildings that have “green” certificates more and more these days.

There is a rise of tenants demanding buildings with healthy indoor air, decreased waste, clean water, solar panels, and energy efficiency. 

5. Neutral Palettes and Soft Materials

The world is ever-evolving, and the stress of society shouldn’t extend into the home. More and more tenants are looking for apartments that have a soft color palette instead of something loud and disruptive.

Soft materials with light to neutral colors can bring a sense of comfort to the whole room. According to building owners, there is a surge of residents who are changing their apartment styles and decorations to revolve around nature. Wood, stones, and other natural fibers are said to give off a clean and calm environment for the occupants.

6. Rising Rental Fees

Since residents are mostly present in their homes and apartments with the rise of work-from-home jobs, rental fees have also increased. There is a surge in the water and electricity consumption which adds to the utility fees of many tenants.

Rental fees have also increased because of the shortage of available units. Because of this, states have implemented anti-eviction laws to help out tenants that are having a hard time paying rent because of the COVID-19 pandemic.

7. An Increase in the Construction of New Multifamily Buildings

As we just mentioned, there is a shortage of units all over the country caused by the pandemic. Because of this, the rise of new multifamily buildings has started to increase.

Many contractors and building companies have taken advantage of this shortage and made sure to build multifamily buildings that can accommodate residences that do not own units yet.

8. High Occupancy Levels of Multifamily Housing

The rise of the population continues to grow. Because of this continuous surge in population, building owners have witnessed that the high occupancy levels in their buildings continue to grow as the years go by.

9. The Rise of Virtual and Self-guided Tours

Due to the pandemic, building owners have developed virtual tours for tenants that are looking for available units.

Virtual tours are highly encouraged since it promotes proper health protocols and social distancing. Aside from that, owners have also taken advantage of the internet where they can promote their units on social media platforms or through their websites. They have developed self-guided tours where tenants can have their virtual tours of the units they wish to explore.

Contact Us

As the world continues to evolve, change is also continuously happening around us. Now, many multifamily properties have also been affected. If you want to experience a property management platform where you can find everything you need from online payments, processing, and detailed reporting, get in touch with us at ExactEstate now.