In the commercial real estate multifamily market, investors are looking at quality assets in
markets where the existing job market is stable and the future of job creation
and job growth is on the horizon. Residents seeking multifamily housing in these markets are looking for amenities to match the
up-and-coming lifestyle of these healthy job markets. 2014 multifamily developments will continue to show the demand for amenities for future developments.
Amenities Are In Demand
Amenities are becoming more valuable in the eyes of renters. Increasingly, amenities are the very reason that a person decides to rent. In the current National Multi Housing Council Survey,
respondents cited amenities as one of the top three reasons why they decided to
rent versus own property, after location and lack of down payment. This survey also revealed that amenities are especially important to people looking to rent in higher-end communities.
Amenities Effect on Development
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| Bella Madera at Lake Lewisville |
In 2014, it's expected that multifamily rental growth will
range from 2.5% to over 3.5% in some area markets. The Block Multifamily Group (BMG), a division of Block Real Estate Services, (BRES) sees the amenity trend, and is focused on assets built with a
variety of amenity packages that rival high end hotels. The idea is to keep your resident on the property by creating a resort-style feel. Bella Madera at Lake Lewisville, is the latest acquired BRES asset is designed to present all the amenities including:
- A Hi-end Fitness Center
- Personal Training Resources
- Resort Style Swimming Pool
- Dog Park
- Bike Shop
- Coffee Shop with WiFi
- Reading Garden
Energy efficient amenities are a growing concern for many
renters. Consumers are identifying with the sustainable amenities and are willing to splurge a little
more when it comes to acquire a more eco-friendly rental. Research suggests that renters are
starting to identify with savings when it comes to renting more energy efficient apartments and reveals that 77 percent of renters think green apartments are important. Want to learn from the best on how to make your property more "green"? See our Block Multifaimly Group post on going green and saving money.
Multifamily rentals with amenities will be highly sought
after in the 2014 market. Properties that provide a top of the line
amenity package will see rents several basis points higher than the norm.
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