Multi-Family Housing Trends for 2017
In Naples, owning multifamily properties is not a rarity. Here are the latest trends to come in 2017! Remember: nothing is “too much” and you’ll have to put yourself in your renters shoes and put properties more in line with their expectations.
- Attract a Diverse Demographic- There are many types of cultures in the SWFL area. There are empty nesters that want to downsize after children leave the home and young millennial who are just getting life started. In order to accommodate both groups is to have a walkable, well-located property that is professionally landscaped and maintained. To keep on pace with trends, it’s important to invest in technology to serve millennial, but also woo’s empty nesters with landscaping, well-lit pathways, and that accomodate aging in place. It would be a good idea to invest in sound proofing so night-owls don’t wake the early risers and visa versa.
- A little luxury can go a long way- If your property needs a full-remodel, try investing in luxury touches that will draw big-money renters who want a luxury environment and WILL pay top dollar rent. These amenities include: multi-use common areas, premium hardwood floors, designer furniture, yoga studios, wine rooms, infinity pools and more! These amenities will target these posh-living renters and you’ll reap the benefits.
- Offer a sustainable lifestyle- Creating an eco friendly apartment sets your rentals apart from other properties on the market. Composting, green energy, and bicycle parking is a natural fit! There are also tax credits with energy efficient windows and rooftop solar panels, so you will see more benefits as well.
- Cutting-edge technology sells- More commonly now, renters are expecting high-speed internet access in their units and in common areas. Get the best of the best, WiFi in common areas and allow access for services in each unit. Smart thermostats and custom entertainment packages are also becoming more increasingly popular.
- Marco apartments bring big opportunities- As evidenced by the tiny house phenomenon, small is in! Units that are approximately 350 square feet allow property owners to accommodate more individuals with a smaller space. These apartments draw young singles that want to live in a prime location and have no need to entertain. Already popular in major cities across the country, Naples could be the next early adopter of micro apartments! It will pay big by serving a new market.
Not all trends fit Naples or our owners’ properties specifically, but the trends are there and the options to upgrade and change, are there too! Think about what makes sense for your renters and see what you can realistically invest in! Make smart changes and preserve the value of your investment.