Pub. 1 2016 Issue 5

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  HOT MULTIFAMILY OUTDOOR LIVING TRENDS T oday’s rental market consists of many people who rent by choice as well as by necessity. Two generations in particular are shaping the market: • e millennial generation is coming of age, and its members often want the ease and exibility of being able to move from one place to another on short notice. ey like being in the middle of an urban setting with walkable neighborhoods, convenient access to work and the cultural arts, and plenty of choices when it comes to healthy food. • In contrast, the baby boom generation is entering retirement in larger and larger numbers, and those who are retiring often like the idea of a life that can nally be focused on relationships, memory building, and nal achievements instead of taking care of a home and a yard that always need money and attention. As of 2015, there were 38 million renters throughout the U.S., and an increase of 1.6 million renters since 2010. What do all these multigenerational renters want? The most important thing is a good location located near public transportation. However, someone looking for a new place to live is likely to nd several di erent communities that are all in acceptable locations. When that’s the case, what causes someone to decide to live in one convenient place instead of another? Outdoor amenities have become increasingly important to potential tenants. It used to be that people tried to bring the outside indoors. Now the trend has completely reversed. Manufacturers have been able to create furniture and appliances that function outside without any problem. As a result, outdoor living trends that blur the line between an indoor and an outdoor feeling have been more popular throughout the U.S. in general since 2007, so it should come as no surprise that people who live in apartments want to get in on all that outdoor action. Managers at upscale multifamily properties are creating enhanced outdoor living spaces for their residents to enjoy. ese outdoor areas often have heating elements and covered spots so that the space is still usable if the weather is not quite perfect. People are interested in seeing complete outdoor kitchens and elegant furnishings that are tough enough to handle sun and rain without a problem.