News and Notes – Hot Trends in 2023

By Operations Team. For more information, contact Robert Parmar

Q1

Q1 always brings about the desire for change. These changes can be smart ways to improve your life and for many, this starts with their home. A home is one of the most important places in life and having a home you truly love brings a sense of peace and stability.

Housing needs change over time, and keeping up with the latest trends in multifamily living will help your property stay relevant. You might not think that is too important, but with all the available choices in today’s market, you want to stand out as a property that works to improve its residents’ lives.

What’s Hot

There are many important factors to consider when it comes to rental properties. A multifamily rental property has a list of items that are essential, but they can also have a list of what is trending and help to attract a quality tenant.

Let’s talk about some of the hottest rental trends in 2023 and you can decide for yourself if these are something you’d like to implement.

Convenience is King

Topping the list of what’s hot in 2023 for multifamily properties is convenience. Tenants want to be able to get their packages from a 24/7 locker, easily accessible. According to the 2022 Renter Preferences Survey Report published by NMHC and Grace Hill, 76% of tenants will receive 3+ packages per month. Maintenance and rent payments should be easily completed online. Parking should be readily accessible. Public transportation should be available within a short walk. Residents are even willing to pay extra for conveniences such as valet trash pickup.

Space is Vital

Another trend at the top of the list is space. The larger units are gaining popularity, especially after the pandemic. Residents need space for a home office, a recumbent bike, a school room, and the list goes on. Floor plans that offer conducive spaces for work-life balance are a hot commodity.

Pets are Family

It’s a fact. Pets are part of the family. According to Forbes, about one in five U.S. households adopted a “pandemic pet” Pet owners are looking for pet friendly apartments with amenities to improve their lives. Services including pet daycare, dog walking, dog parks, and even pet washing stations are drawing in tenants left and right. To stand out from the other multifamily properties, catering to the pet parents is a smart move.

Efficiency is Necessary

Renters are sometimes at a disadvantage when it comes to utility bills. Even if they conserve power and water, they have no real control over the building insulation, the window quality or the type of appliances. As everything gets more expensive, energy efficiency is more important than ever. Units with smart thermostats, controlled from a phone, thicker insulation, and energy efficient appliances are in high demand. Potential residents realize the monthly savings and the benefit of their conservation. For example, millennials are willing to pay more and stay longer for an energy efficient apartment.

Trends are Fun

Every year these types of trend lists come out and property owners scramble to meet the demands. Depending on the age, class, and location of the properties, fulfilling the list may not be feasible for some multifamily properties. This shouldn’t discourage property owners from striving to have a modern property as there are many other ways to improve the quality of life for your tenants.

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