In today's competitive rental market, attracting and retaining residents requires more than just the basics. Renters are seeking properties that offer a comprehensive living experience, where thoughtful amenities, convenience, and a true sense of community take center stage. To maintain high occupancy rates and entice lease renewals, developers must go beyond simply providing appliances, a pool, and a gym to check off the boxes.
Embracing daring design choices, innovative amenities, and fostering a strong sense of community have become critical factors in meeting the rising standards of modern renters. Here’s a look at the most impactful trends shaping new multifamily developments.
60% of renters seek sustainability in their apartment communities in 2024. Moreover, a quarter of those surveyed by apartments.com found that renters would pay a premium to live in a community with green practices and amenities. A major multifamily design trend speaking to this data point is the resurgence of wood accents and biophilic design, which enhance well-being by incorporating natural elements. Timber, used in flooring, cabinetry, and structural elements, adds warmth and timeless charm. Biophilic design features indoor gardens, rooftop gardens, green walls, and large windows, improving air quality and creating a serene atmosphere that connects residents to nature.
According to the Global Wellness Institute, the global wellness economy is expected to continue growing, reaching $8.5 trillion by 2027. You better believe this is going to translate into the 1.2 Billion people who currently rent around the world. Wellness is a top priority for many prospects, with boutique communities responding by adding amenities like cold plunges, saunas, and even eucalyptus-scented steam rooms. These facilities, once exclusive to high-end spas, are now becoming increasingly common, offering residents convenient ways to unwind, detoxify, and rejuvenate, promoting a healthy lifestyle within their apartment community.
In 2023, apartment-like hotels reached a surge in short-term rental popularity, coining the term "aparthotels". Today, hotel-inspired apartments are quickly becoming the hot market find. Boutique communities are adopting resort-like finishes to elevate living standards for multifamily projects. From lobbies that glisten and seem to spare no expense, to highly curated, thematic communal spaces, some communities even stylize their elevators in leather, wallpaper, and sconces. In conjunction with premium materials, and locally sourced art, multifamily developers are creating an ambiance of refined comfort within the fabric of their neighborhoods.
Community and convenience are a vital multifamily design trend of the present day, with onsite retail spaces like cafes next to the package lockers, becoming key components. These spaces offer convenience and foster a sense of community, allowing residents to enjoy amenities and social interactions right outside their door, enhancing the overall living experience. If you’re not incorporating retail spaces into your development considerations, you may be losing out on leases to the property next door.
Well, there you have it, folks. The future of Multifamily Design is starting to feel like a stay at the Ritz, minus the furnished suites and the pillow mints. The 2024 multifamily design trends listed in this article only scratch the surface of innovative design choices. These trends indicate a 2025 where boutique community living offers an enriched quality of life that feels both indulgent and meaningful to the modern renter.
Given these trends in renter preferences, it will be paramount to weave in these decisions during your design, development, and brand experience exercises, ensuring that you are able to meet the renter where they are.
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