The 2016 MFE Concept Community Study, The Next Gen Apartment, is a look to the future of the multifamily industry. The study takes a deep-dive into the technology, lifestyle, and design wants and needs of the youngest generation of renters, Gen Y, and the next generation, Gen Z.
Airbnb has shaken up the hospitality industry, giving guests new options for vacation and short-term rentals. As the Airbnb community grew in size and popularity, property managers were also feeling the effects of the “shake up.” New policies and leasing agreements were drawn up across several communities to address the allowance of the Airbnb model and short-term renting. But what about how long-term renters feel about the changes?
Closet space is a precious commodity for any renter. In fact, we found that in-unit storage space is such a desired design feature that nearly half of all renters (49%) are willing to pay at least $75 more per month for larger closets (10 feet by 6 feet) rather than try to squeeze their belongings into standard-sized closets (4 feet by 6 feet) for lower monthly rent.
To talk to your residents, you have to know where they are. Insights into where residents are spending their time online will influence your marketing and community outreach messaging.
With shoppers in all industries looking to peer reviews online before making buying decisions, it is only natural that the multifamily industry would feel the effects of the same trends. More than three-fourths (78 percent) of respondents use online rating and reviews in their apartment search. Prospects rank the influence of online ratings and reviews on their rental decisions at 6.94 on a scale of 1-10.