Trends to Watch in the Multifamily Industry
With an increasing amount of consumers adopting the “renter-by-choice” lifestyle, development in the multifamily industry is up a whopping 14 percent from 2013 – and growing. According to the online publication Building Design + Construction, the top five trends propelling the multifamily market are:
- building in an urban setting,
- creating affordable luxury for the middle class,
- equipping common areas with resort-inspired amenities,
- offering personalized service to residents, and
- designing energy-efficient buildings.
Alliance currently has 11,000 units under construction across the country that, once complete, will appeal to a broad spectrum of renters, from millennials to empty-nesters. Each property will service different needs dependent on market fundamentals, yet the focus remains on developing high-end communities in walkable, urban locations. Reflective of these trends, residents are seeking out communities that offer personalized, on-demand amenities – from entry doors to HVAC systems. Many Alliance developments feature a mix of upscale, high-tech finishes such as direct-access parking garages, Nest Learning Thermostats®, virtual fitness classes and iCafe lounges.
“The holy grail [in the multifamily industry] is to customize and personalize services,” says Brad Cribbins, COO at Alliance and a recent panelist at the annual National Multifamily Housing Council’s OpTech Conference and Exposition.
Visit LiveatAlliance.com to learn more about our up-and-coming communities.