Want to see what single-family detached home builders are competing against?
A Forbes story delves into the momentum in multifamily starts and demand and how the amenity war between developers has changed the apartment product.
A big part of the story behind the continued strength of the apartment sector is innovation. Multifamily developers have radically changed and adapted their buildings much more drastically than single-family builders have done.
Amenities in high-end apartment buildings have gone well beyond the gym and pool. Upscale renters increasingly demand features that can include dog-walking trails, package rooms for accepting deliveries of packages and groceries, yoga spaces, art parks, automation, health and wellness related services, and, of course free Wi-Fi. Mobility features like bicycle storage and access to transit are also important in some markets. Some of the apartment buildings being brought to market today have lobbies with retail vendors that can be patronized by the general public, and some buildings have gardens where tenants can grow their own fresh vegetables and fruit.
“Old-school amenities are no longer sufficient in today’s competitive environment. Design and programming decisions extend far beyond floor plans and unit mix,” said Casey Cummings, CEO of Ram Real Estate.
The latest weapon in the amenity war is co-working spaces, which include communal working spaces as well as conference rooms.