The American Dream used to be reaching the middle-class, an achievement culminating in the purchase of a home. That dream is changing, and now fewer than half of all Americans think home ownership is the right choice for them. What this change means for property managers is that we are no longer marketing a temporary housing solution: we are competing for those ideal, long-term renters who pay on time and help us build lasting multifamily communities. That paradigm shift calls for a new set of rules for property development, as well.
We’re on the threshold of a multifamily building boom. As we develop new properties, let’s remember to provide the most basic of amenities before we start thinking outside the box:
- Family. Single renters, young or old, are going to gravitate toward communities that are inclusive and actively work toward building a familial environment. Think shared spaces when you think about amenities, and make those spaces easy to use for all ages.
- Technology. This may seem counter-intuitive, but hotspots and business centers with tenant computers, and even digital lending libraries could tip the scale in your favor. Keep it simple, but acknowledge the times in which we live and make it easy for your tenants to stay connected. Also, embrace technology within each unit’s design, offering the latest kitchen, bath, security, and “smart home” design that your demographic and community will support.
- Transportation. Building near transportation hubs is a no-brainer for modern and sustainable development, but why stop there? More and more, multifamily developers are moving toward walkable communities—living spaces near food, mass transit, shopping, health care, and social activities for those residents who walk or bike instead of drive.
- Funding. Whatever step of the development or rental process you’re in, there’s usually a funding source, subsidy, or grant you have overlooked. Get some help gathering all the latest funding sources and maximizing ROI and appeal for potential investors and residents.
If reading this has left you with more questions than answers, call Class A Management and let us find your answers. It’s just one of the many services we offer as part of our total property management package. Call us today at 817-295-5959 or e-mail, info@classamgmt.com.