Quality of Life is Back
6 Jun 2019
In today's world, multi-family development and residential housing options across the United States are becoming as important in the corporate site selection process as workforce availability and incentives.
There was a period in time when multi-family communal area amenities may have consisted of a small fitness center, a laundry room, and maybe a pool; and that would've been sufficient for prospective tenants. This is no longer the case in 2019.
To attract prospective tenants (which will mostly consist of members from the millennial and baby-boomer generations) to market rate residential options, developers are having to design projects with resident communal expectations in mind. Unlike in the past, rental housing can no longer be viewed as a short-term option for the young transient professional. The most competitive rental communities will need to satisfy the needs of tenants that are projected to rent for longer periods of time as a lifestyle choice. Millennials are prioritizing the freedom that comes with a lease over the responsibility that comes with a mortgage. And the burden of monthly student debt payments is creating a larger barrier to overcome for those that would like to purchase a home, now more than ever. At the same time, some are looking to downsize and relieve themselves of the responsibility that comes with homeownership, and finding accommodations that can provide access to health care, restaurants, and a variety of retailers within walking or desirable shared riding service distance.