Pub. 1 2016 Issue 3

16 www.ctaahq.org 䌀吀䄀䄀 吀䠀䔀䌀伀一一䔀䌀吀䤀䌀唀吀䄀倀䄀刀吀䴀䔀一吀䄀匀匀伀䌀䤀䄀吀䤀伀一  MULTIFAMILY RENTAL MARKET TRENDS A signi cant trend in the multifamily rental market is the importance currently being placed on quality of life. Most renters expect the place they live to have a high level of service, similar to what would be available at a good hotel, as well as competitive amenities. What kind of amenities? It means more than having a place for residents to exercise. Deluxe public areas with upgraded features such as expensive ooring, in nity pools, rooftop decks, indoor bike storage and repair, Amazon package lockers, home o ce spaces, pet spas, and specialized studios for yoga and spinning are closer to the mark. One complex even has a 12,000-square-foot wall that includes a climbing wall. Concierge services and communities that o er classes in subjects such as cooking are also a draw. It’s not unheard of for rentals to o er dry-cleaning services and private elevators. e line between home, hotels, and resorts is de nitely blurring. e list of amenities is not a particularly surprising one except for the rooftop decks and the home o ce spaces. After all, staying t and active is important, especially to younger renters, and so is an active social life. When you think about it, though, the decks and o ces also make a great deal of sense: • e popularity of rooftop decks speaks to two needs: people love having a good place to throw a party, and they also love having a great view. Watching sunrise, sunset, and city lights is always fun; add a good place to watch reworks occasionally, too, and who wouldn’t be interested? Add comfortable seating, big-screen televisions and matching sound systems, outdoor kitchens that feature pizza ovens and barbecues, and some kind of protection from the elements, and a rooftop deck starts to look downright essential. • Home office spaces are important as the boundaries between work and home continue to blur and as people increasingly choose to telecommute at least part of the time when they are working. A place with reliable Internet access, plenty of USB ports, , and enclosed workstations that are located in common areas is something people like to have access to. Whatever amenities are o ered, it’s important to make sure they are amenities people want and will use. Something very few people choose to use is not going to pay o .