Apartment Residents’ New Outside View
Successful leasing means staying ahead of the next wave of resident preferences. The newest changes are taking place outdoors.
Sooner or later, there’s always another shift to appeal to the latest resident base. What Millennials want, what Gen Z wants, what will attract Baby Boomers moving back into urban areas in search of a fuller life.
Some notable changes have included high-end kitchen countertops and appliances, dog parks and pet-washing stations, 24-hour package locker accessibility, upgraded pool decks and outdoor kitchens. When Covid hit, there was a more widespread desire for in-unit workspaces—along with more play spaces for the kids, not to mention more rooms, period, so unit occupants weren’t always getting in each other’s way. So far, that has stuck, although common-area workrooms haven’t proved as popular.
Community owners have gotten used to looking ahead, studying resident preference surveys and demographic shifts in order to plan for what the next wave of prospects will want. Anticipating trends to stay competitive, while at the same time taking into consideration what residents want now and how much change really makes sense. After all, it’s cheaper to retain a current resident than to seek a replacement, and you don’t want to focus so narrowly on one emerging cohort that you lose out on interest from everyone else. It’s a constant balancing act.
The newest changes are taking place outside, and they’re not necessarily about social gathering (although that’s still important). For health and wellness, residents are seeking more opportunities to relax, exercise and even work alfresco, as Robyn Friedman discusses in her marketing article “Outdoor Amenities Are In With Renters.” Those in the suburbs are attracted to walking trails and lawn space; in more congested locations, balconies and rooftop gardens make a difference. And renters are willing to pay for it. “Fresh air is king,” architect Joshua Zinder told Friedman.
The parking lot is also attracting new interest, specifically among electric vehicle owners. So if your community is among the large number that still don’t offer EV charging, it’s time to rethink that—even if current residents don’t need it. “There’s no question we are going to see more and more cars going in the direction of EV,” real estate attorney Barry LePatner told Senior Associate Editor Jordana Rothberg for her feature “Charging Through EV Risk.” In fact, last year U.S. EV sales increased by 7.3 percent, according to Cox Automotive, and that was a slow year following the 49 percent growth in 2023. With Cox anticipating record growth again this year despite federal policy changes, charger installation is a must and should be done strategically to allow for cost effective and safe future expansion.
How are you upgrading your outdoor space? Email me at Suzann.Silverman@cpe-mhn.com and let me know. We’re always looking for success stories!
