Since the Covid pandemic, multifamily developers have had to rethink the size, shape and content of new developments. At a recent Connect Dallas Multifamily At the event, a panel of analysts attempted to look into the future and discuss the latest trends.
Michael Broder of RCKRBX shared some statistics that highlight a discrepancy when it comes to the type of room renters want: “Statistics show that only 18% of all potential renters want a one-bedroom apartment, but supply is at 53%. Developers need to look closely at the mix of apartments they are building.” He went on to say that “room layout far outweighs amenities” when it comes to renter preferences. Renters are renting longer and want more space.
Richard Sodeke of TruAmerica agreed with that assessment, saying, “Tenants want a reduction in amenities.” The “shock effect” of flashy amenities like pickleball courts or home office space wears off after a while and is not as popular with his company’s tenants.
The list of preferred features among renters has changed dramatically over the past five years. Panelists now say that better soundproofing, security measures such as cameras in the hallways, washers and dryers, and private gardens/patios have become more important to renters. In fact, since 2015, security concerns have risen to second on the priority list, just below the cost of rent.
