Luxury amenities have significantly changed over the years in order to reflect the needs and desires of renters and homeowners.
Now more than ever, developments new and old are looking to cater to the desires of the majority of the market, in most cases many of these new amenities are catering to the millennial age group, according to Multi-Family Executive.
Due to the social nature of this age group, many of the most desirable amenities now include, being located in a walkable neighborhood, proximity to restaurants, retail and nightlife and resort amenities that encourage interaction, engagement and creating a sense of community.
Renters are increasingly focused on how their home contributes to their life and lifestyle, rather than just seeing it as a home within a building.
This is why renters can now expect to see more resort-style amenities, such as bars, cafes, sports lounges, catering kitchens and other meeting places that encourage interaction among residents.
While common are spaces are growing in square feet, this often means that apartment sizes are decreasing and renters are investing more in the space outside of their home.
However, millennials aren't the only demographic that apartment developments are aimed at and many of these amenities are aimed at young families and older demographics who are just as interested in the same market.
The baby boomer generation are just as interested in high-end amenities and a sense of community as the younger generations.
Utilizing square footage in a way that nurtures a growing community space within the city has become the priority, with spaces designed to encourage this and get people out of their own environment and into shared space, especially in developments that are a majority studios and one bedrooms.
Read the full report on the renters of tomorrow on MultiFamily Executive.
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