The Gist: This post explains why the multi-family housing market is booming, what makes it competitive, and how developers can differentiate their properties through design and amenities.
What you’ll learn
How high-income renters are fueling growth in the multi-family sector; why early interior design involvement matters; and which amenities (fitness, outdoor living, bike storage, pet-friendly features) make a property stand out.
After reading, you’ll be ready to
Advocate for design-led differentiation in your multi-family development, propose amenity features that appeal to affluent renters, and understand how to use quality finishes to boost value and tenant satisfaction.
Talking points
The article notes that despite the pandemic, multi-family construction surged and is expected to continue growing. High-income renters are a major demand driver, pushing developers to build more upscale apartments. It argues for engaging designers early to deliver quality finishes, hyperlocal art, and thoughtful common spaces. It recommends amenities like indoor-outdoor fitness centers, resort-style pools, indoor bike storage, and dog parks with bathing areas. SouthPark Interiors positions their team as experts in helping clients strategically design and brand properties to attract and retain discerning residents.
Markets are crowded
How to make your multi-family property stand out
Despite the COVID-19 pandemic, the multi-family housing market has seen tremendous growth compared to nonresidential construction in 2021. By 2022, this growth is expected to soar even higher, with market returns returning to pre-pandemic levels. As more competition enters the space, multi-family property developers and managers need to be strategic about how they attract and retain residents. One of the best ways to ensure a strong return on your multi-family housing investment is by incorporating the right interior design cues and amenities into your space.
The Rise of Multi-Family Housing
According to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, the multi-family housing sector outperformed the single-family sector at the beginning of August 2021. Here in our own backyard, , Charlotte’s multi-family housing sector was among the top markets in the U.S. for apartment construction, seeing 6,603 apartment construction starts in 2020 alone.
Perhaps what’s most interesting about the multi-family housing explosion is the fact that high-income households are driving most of the growth in renters. The unprecedented growth in demand from these renters has made a direct impact on how developers plan for construction, with many opting to build more expensive, luxurious apartments for their clientele.
Carefully Curated Multi-Family Interior Design
By bringing in an interior designer during the early stages of construction, developers immediately gain a unique advantage over their competition. High-income residents expect more from their living experiences, demanding higher-quality finishes, furnishings, and architectural intrigue. According to Sheena Brittingham, principal of Vida Design, “There is a strong desire for quality and artistry in finishes, lighting, furniture, and art that is hyperlocal to the neighborhood.”
Multi-family units aren’t the only places that should contain cutting-edge appliances and fixtures coupled with beautiful interior design. The layout of the property as a whole should also incorporate these elements, while also including common areas and collaborative work spaces in the floorplan to accommodate for the growing work-from-home population.
Including the Right Amenities at Your Multi-Family Property
In addition to the interior design of your multi-family property, you must also consider the type of amenities your community offers. As we stated before, high-income families have higher expectations for their living environments. Some of the most important amenities that residents of this caliber look for include:
- Expanded Fitness Centers: With the high rent they’re paying to live in your community, multi-family residents expect access to on-site fitness centers. Indoor-outdoor gyms and yoga studios have especially grown in popularity among the multi-family population.
- Outdoor Living Areas: Hotel-quality outdoor living areas, including resort-style pools and reservable cabanas, are also a must-have for many prospective residents. Especially in warmer climates, a property without a pool is practically a death knell for communities hoping to out-shine the competition.
- Indoor Bike Storage: As more people embrace green transportation and focus on fitness, bicycles have grown in popularity. Whether you include a designated bicycle closet in each unit or have a community storage space, it’s a good idea to include indoor bike storage as an option for your more active residents.
- Dog Parks & Bathing: More people than ever before have furry friends living with them at home. With 95% of pet owners considering their pets as family members, it’s important for them to have access to dog parks and bathing areas so they can continue giving their pups the best life.
It’s important to do your research and tour your competitions’ properties when planning your own space. The only way to stand out from the crowd is to have a solid understanding of what voids you’re able to fill with your own community.
Stand Out from the Crowd with SouthPark Interiors
At SouthPark Interiors, our interior design team specializes in transforming multi-family properties into money-making machines. Our designers are highly skilled at identifying the unique opportunities that exist within your local market, allowing developers and property managers to thrive in ways they never anticipated. Allow our team to help you stand apart from the competition by contacting us for an interior design quote today!
