Why Multifamily Developments Help Build Lifestyle Brands
Today, multifamily housing developers finally began shifting their design to incorporate a whole new lifestyle that will please renters and property owners alike. To keep up with the real estate game, architects, builders, and developers now seek to create lifestyle brand developments. These higher end residential structures focus on offering more than just a place to live; they encompass sought after high-end amenities that reflect various lifestyles from the fit, the environmentally conscious to the social renter or buyer. For multifamily professionals looking to keep up with the flourishing market shift, Hunt mortgage group explains how you can entice prospective residents while creating the ideal design to suit their lifestyle.
Commercial Developers Offering Amenities For Different Lifestyles
Lifestyle brand design developments use amenities to brand themselves as a social, healthy, and environmentally friendly place to live. By creating a desirable community, prospective residents are willing to pay more to be a part of a community that fits their interests and lifestyles over developments that offer less. The amenities offer residents the ultimate luxury living experience, helping to create a lifestyle the developers will become known for providing.
Within each unit, renters and buyers can find spacious open floor plan with molding, sunlight and vaulted ceilings. The cooking area often features a gourmet kitchen complete with stone countertops, stainless steel or Energy Star appliances. It is common for units to include a washer and dryer with optional concierge dry cleaning service. Furthermore, these communities tend to be pet-friendly and go as far as to offer pet spas and dog runs.
Communal area amenities provide a social atmosphere where their residents can connect with one another and entertain their guests. These areas typically feature a spacious and modern interior design. For example, lounge and entertaining areas will often have a billiard room with ping pong tables and large flat-screen TVs. In addition, these lobby areas can include a coffee bar to cater to the commuter lifestyle. Workout areas in lifestyle brand developments include state-of-the-art strength and cardio fitness centers; spin classes, and even a flex studio for yoga.
Taking amenities outdoors, eco-friendly design features electric car charging stations, bike and pedestrian friendly community. In truth, these developments are nothing short of a resort. Outdoor amenities include a resort-style pool and hot tub, hammocks and sunbathing areas. A pool with grilling stations, rooftop decks, cabanas used year-round, fire pits, outdoor yoga yards, Zen gardens.
Upgrading Multifamily Housing Amenities Across The United States
Multifamily developments even divide the amenities into types of lifestyles that they can provide to their residents. StreetLights Residential’s The Michael at Presidio in Austin, Texas, has arranged their amenities on its website into three lifestyle-defining categories: Stay Social, Stay Fit, and Eco-Love. Meanwhile, Avalon Princeton, in New Jersey, offers its own bike “spa,” where tenants can park, store and repair their bikes.
Amenities that offer top technology are popular for multifamily developments. From tech/business centers equipped with USB ports, to free Wi-Fi and iCafes. These cutting edge amenities create lifestyles that renters envision themselves being a part of and in turn, buy into the brand.
How To Develop Lifestyle Brands
Builders and developers should consider several factors when designing a lifestyle brand. To make a profit you must charge more for the unit and HOA fees. Try to remain aware of how to efficiently use space. The quality of the amenities plays a huge role in the renters it can attract and the rents it can charge.
Eric Earnshaw, partner and senior project architect at BGO Architects advises, “The biggest risk for architects would be not listening. We can’t think we know something without really digging in to understand. We have to listen to all the Intel. You can’t always put yourself in the position of the renter if you are not the renter or that target demographic, so you have to dig in and find where and how that’s available.” In order to decide which amenities to include in the design layout, developers must research the surrounding area and market; they need to see what is happening in the neighboring area so that they can offer something better. For example, if there is a workout facility nearby, then the developer should offer something different to stand out from the competition. This may include features such as an outdoor yoga area or a rock-climbing wall.
Breaking New Ground In The CRE Market
Modern multifamily developments are shifting to reflect hotels and resorts. Remember your target clientele will be willing to pay the higher rent to live in a community that will enhance their lifestyle. Multifamily developers need to create a strong brand identity of delivering a luxury experience through the amenities and community that they provide.
Are you interested in developing a lifestyle brand for your multifamily property? Contact the experts at Hunt Mortgage Group to start your project today!