Multifamily Housing: Market Trends you Need to Follow

There has been a surge in demand for multifamily housing properties in the U.S as majority of people especially millennials now prefer rental apartments over ownership. According to National Association of Home Builders, 351,000 multifamily units were started in 2014, i.e. 14% over 2013. However, today’s informed renters do not just rent any random housing unit, instead they go for units that are equipped with required amenities, facilities and are aesthetically appealing. This in turn has forced multifamily housing contractors to focus on interiors as well exteriors of properties to ensure that they are aligned with the demand and follow the market trends.

Here are the top trends that are propelling multifamily businesses.

Trend #1: Desire for Urban Lifestyle
Multifamily rental apartments are gaining popularity among millennials who prefer to live an independent life without having any limitations of living in owned houses. Having said that, they prefer multifamily units that offer them a taste of urban lifestyle. So if you are investing in multifamily housing, you need to make sure that your housing unit offers them urban lifestyle.

Trend#2: Affordability with Luxury
Many renters aspire to live close to main town, but the kind of lifestyle that they demand doesn’t come cheap there. Therefore, they often ignore the properties that cost them heavily on their pocket. So now the real challenge for you is to provide high-end properties that possess upgraded features and offer luxury at affordable rates. To tackle the affordability issue, opt for pre-construction action plan and look around for options where they can cut down on operating cost without compromising on the quality of the offerings.

Trend#3: Units Embedded with Modern Technology
The Holy Grail for existing or newly constructed multifamily business is to provide their tenants personalized services. Housing industry is empowering tenants by providing them with greater command over their environment starting from their entry door to HVAC units. There are many multi family unit providers in the U.S who have installed cloud-connected devices in apartment projects that enable tenants to monitor and regulate lightening, cooling and heating of their rental housing unit.

Final Word
Following market trend in multifamily business not only attract potential tenants but also increase the market value of your property. It is, however, suggested to take assistance of an experienced multi family renovation contractor to give your property an urban appeal in the most efficient and cost-effective manner.

Innovative Ideas to Make your Laundry Facility More Spacious

Multifamily property owners are leaving no stone unturned to get better returns on their investment. Some property owners have started providing a laundry facility in their property in an effort to include all the necessary facilities to the tenants. Laundry facilities in multifamily housing project also give an opportunity to create more cash flow for the property owner.

A safe, clean, well-lit laundry facility with coin-operated machines benefits the tenants who may not have washers or dryers in their units. Everybody needs to use the laundry room and we all know how packed it may get especially during the weekends. There are a few things you may implement in order to magnify the space, regardless of flooring space that you may allot to the laundry room. Here are some ideas that will help you save space and design an appealing laundry room for your tenants.

Overhead Counters: An Easy to Reach Place to Keep Laundry Items
This tip is especially useful for multifamily property owners who have space constraint. Instead of wasting the overhead space above the washing machines and dryers, you can simply add a countertop. It provides space to the residents to put their laundry baskets, soap, fold their clothes post-wash and such things.

Custom Cabins: Where Else will the Linen Go?
You can install custom cabins in your laundry room if you have space constraint with the help of a multifamily contractor. An expert multifamily housing contractor will construct custom-sized cabins, after taking the dimensions of the laundry room and the machines that will be installed. You can allot these cabins to the residents on temporary or permanent basis. This way, they’d have a convenient place to store their things to avoid any clutter. If you are on a budget, you can also add kitchen cabinets to the laundry room.

Wall Cubicles: What’s the Point of Wasting all that Wall Space?
Property owners often make the mistake of wasting wall space, not just in bedrooms and living rooms but also in laundry rooms. You can save a lot of space by installing wall cubicles in your laundry room. It just takes a few slabs to make this space count. The cubicles may be used to keep deterrents, clothes, baskets. You may also add hooks to individual cubicles for residents to hang their towels and clean linen.

Drop Down Ironing Boards; That Hide Away
Ironing boards are quite prominent fixtures of laundry rooms, the average dimension of a standalone ironing board are about 4 X 1.5 ft. When the ironing boards are not in use, they definitely get in the way of things, especially on a busy foot traffic day. The smarter way to go about it is to choose drop down ironing boards that roll back up into the wall. This also helps in hiding clutter and also gives enough room to store the iron.

Make It a Multipurpose Room
If you have a spacious laundry room, you may add a few tables and closets to store house cleaning supplies, sports equipment, craft things. The residents can use the room for crafts, as a mud room, and for storage.

While it’s possible to implement some of these measures post construction but at times may turn out to be a costly affair. It’s advisable to get in touch with a multifamily housing contractor who has expertise in constructing a multi-functional laundry room even if you have space constraint