In the fast-paced world of Multifamily living, understanding what renters want is crucial. Today’s residents aren’t just looking for a place to stay; they want convenience, sustainability, connectivity, and a strong sense of community. On a recent episode of the Open Door podcast from Cox Communities, Kendall Pretzer, CEO of Grace Hill, and Brian Stifel, SVP of Brands at Cox Communications, joined host Valerie M. Sargent to discuss the latest data on renter preferences and reveal strategies for Multifamily communities to stay ahead of the curve. Together, they explored the importance of pet amenities, health and fitness facilities, sustainable living features, and strategic use of technology to meet renters’ diverse needs.
The Rise of Pet Amenities in Building Community
Pets play a big role in fostering community within Multifamily communities. As Kendall Pretzer explained, activities like pet parades and dog adoption events not only cater to pet owners but also serve as great community-building opportunities. These types of events encourage residents to interact, break the ice, and create a lively, welcoming atmosphere. Plus, Brian Stifel emphasized how pet amenities can create a sense of connection, especially for those living alone, with dog parks, pet washing stations, and dedicated pet areas significantly enhancing resident satisfaction and loyalty, contributing to a thriving community spirit.
Health and Fitness Amenities: Promoting Wellness and Engagement
With a growing emphasis on health and wellness, integrating fitness centers, yoga areas, and outdoor play spaces within Multifamily communities has become essential. Kendall highlighted the importance of offering diverse fitness amenities that cater to various resident preferences. Explaining that conducting surveys to understand these preferences ensures that property managers provide relevant and highly utilized amenities. Brian then went on to discuss how outdoor spaces are more than just aesthetic—they play a pivotal role in resident engagement. From outdoor gyms to running trails and play areas for children, these spaces enhance the overall living experience. They serve as common spaces where residents can connect, participate in activities, and build lasting relationships.
Prioritizing Sustainability: Meeting Modern Renter Expectations
Sustainability has moved beyond being a trend; it’s now a requirement for modern living. Both Kendall and Brian stressed that Multifamily communities must incorporate sustainable features to attract and retain environmentally conscious renters. This includes comprehensive recycling programs, water-efficient fixtures, energy-efficient appliances, and smart home technology, like smart thermostats and energy-efficient lighting that allow residents to control their environment while being mindful of their carbon footprint. This promotes sustainable living and offers the convenience that contemporary renters crave. Smart technology bridges the gap between the desire for sustainability and practical everyday behaviors, making eco-friendly living attainable and straightforward. Sustainability extends to communal areas as well. Initiatives like composting sites, resident-only car-sharing programs, and vegetable gardens encourage residents to adopt sustainable practices collectively. Such community-focused activities contribute to environmental conservation and foster a greater sense of belonging and shared purpose among residents.
Addressing Housing Shortages: The Call for Construction and Innovation
Discussing the housing crisis, both Kendall and Brian underscored the need for increased construction. Housing shortages and lack of supply drive unaffordability in the rental market. Rent control, although well-intentioned, can have adverse effects, discouraging developers from investing in new, affordable housing projects. Innovative solutions and incentives are necessary to strike a balance between controlling rents and promoting the development of affordable housing units.
Enhancing Connectivity: Tech-Savvy Living
Modern renters prioritize connectivity more than ever. Reliable internet and Wi-Fi coverage, instant setup, and smart home features are at the top of their lists. Brian emphasized the shift from mere technological advancements to addressing basic quality of life issues like property maintenance and unit upkeep. Technological integration aims to simplify daily living, with smart doorbell cameras, package security systems, and property IoT being pivotal in enhancing residents’ sense of security and convenience. These features meet modern demands and streamline property management by reducing maintenance costs and facilitating efficient communication. With renter preferences varying significantly by region, particularly concerning electric vehicle (EV) charging stations, recognizing and catering to these regional preferences ensures that property managers remain relevant and responsive to the distinctive needs of their residents.
Maintaining Property Reputation: The Power of Online Reviews
In the digital age, a property’s online reputation can significantly impact its desirability. Resident advocacy and positive online reviews are powerful tools in ensuring a favorable reputation. Monitoring platforms like Nextdoor allows property managers to manage narratives surrounding their properties and address any operational challenges promptly. Engaging directly with residents and encouraging them to share positive experiences online can boost the property’s image. Online reputation management should be a continuous effort, integrating resident feedback to improve services and facilities continually.
Building Communities, Not Just Apartments
Despite technological advancements and modern amenities, the essence of Multifamily living lies in fostering a positive community experience. As Valerie M. Sargent concluded, the real estate industry is fundamentally about people interacting with people. Ensuring a good move-in experience, effective communication regarding maintenance issues, and a proactive approach to resident needs are crucial components of building a thriving community.
