As home ownership rates fall to an all-time low in the United States, renter rates are climbing to 36.6%. Investors, builders, and property management groups are tuning into the wants and needs of the renters of today to equip residences with the hottest amenities. A new generation of renters is moving into residences with hopes of creating connections with their neighbors, developing a demand for community-centric amenities.
The maker culture generation continues to grow and makerspace communities are on the rise — innovation spaces for modern-day tenants is the hottest new amenity. As units get smaller, residents need a place to ideate and play with tools and gadgets. Residents are looking for amenities encouraging community through creativity and craftsmanship, like The Apollo’s tool lending library and The Lockwood’s workshop and conservatory with potting facilities.
Putting in the Work
As freelance careers are on the rise, the need for workspaces outside office buildings is increasing and residential buildings are now offering in-building work areas. Conference rooms, wi-fi in common areas, and bookable quiet spaces provide residents with community connectivity.
Let’s Get Physical
Residences are allocating new living spaces that focus on keeping residents active to improve health and wellness. Upgrading the format of the in-building gym, equipment with integrated digital technology allows individuals to track wellness and milestones and compete against friends and other residents. In-building fitness studios allow for hosted group fitness classes and athletic social events that encourage residents to mingle.
Get With The Program
Programming has become the hottest investment in connecting residents. Community-focused 2501 Porter nearly doubled the size of their common space to allow for more communal activities and classes that encourage the co-mingling of residents. We’re beginning to see more and more residences hosting group entertainment in their common spaces — from cocktail classes to flower arranging.
As the renters of today are community-minded, increasing retention through community is the main goal for property managers — after all, it’s one thing to leave an apartment, it’s another to leave a community.
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