Multifamily property investors, developers, and property managers have to take measures to maintain and at the same time increase its value in the neighbourhood. Renovating the multifamily building according to the latest interior and exterior design trends is one of the best steps to not only increase the value of the property but also increase its occupancy. The interior and exterior design trends change every year, which is why it is important that multifamily property owners are aware of the latest trends and discuss it with multifamily renovation contractors. Here are four interior design trends that can help augment the appeal of your multifamily building and increase rent-ability.
1. Micro Units
Micro units are hugely popular in mega-cities, such as Chicago, San Angelo, and Los Angeles and are quickly climbing the popularity charts in smaller cities such as Scottsdale and San Diego. These units are mostly 200 to 350 square feet in size and are an affordable housing solution for renters, especially bachelor’s, who can enjoy homely comfort without denting their monthly finance. Finding an affordable living option in the vicinity of their office is the priority of every professional.
Related read – 5 Modern Renovation Ideas to Improve the Rentability of Your Multifamily Property
2. Suburban Living
Surban is a term coined by Urban Land Institute (ULI). It comprises part urban and part suburban environment and lifestyle. Urban spaces offer a splendid lifestyle, but living there is quite expensive. Suburban settings, on the other hand, offer a more family-oriented environment. That is why many renters are looking for a place that offers urban-living with the right mix of walk-able amenities. Invest in a multifamily rehabilitation program promoting suburban living to attract potential renters.
3. Embracing Technology
We are surrounded by technology that is simplifying our lives, from chatbots such as Siri, Cortana, and Alexa to cloud computing. That’s not it, technology is also revolutionizing real estate and enhancing home comfort. Invest in cloud-based technology that allows renters to wirelessly control entryways, lighting, and air-conditioning. Provide Wi-Fi connectivity in the property premises and charging points in common areas.
Related read – 5 Focus Areas during Multifamily Housing Rehabilitation
4. Affordable Luxury
Everyone craves for luxurious living, however, it comes at a price. Interior designers, though, have found a way around with all-inclusive resort and uptown exclusivity. The space saved with micro units is exchanged for these luxuries. Renovate the apartments with upscale features such as outdoor kitchens floor-to-ceiling windows, rooftop fireplaces with seating areas, tiled flooring, and package lockers to give renters a feel of luxurious living at affordable price. It will work as a selling point for your multifamily property.
Wrap Up
The young generation is all for technology and elements that simplify their lives. They are adaptable and flexible with their demands, which is why keeping your property relevant and renovating your multifamily property these four interior design trends can boost its value and occupancy. Contact reputable local multifamily renovation contractors and learn about their multifamily rehabilitation program for affordable service.
Multifamily Building Renovations 