5 trends for multifamily rental properties in a luxury market

The luxury rental market often displays trends that renters are looking for before anyone else catches wind of them. Luxury properties become utopias for renters who can afford the high-end amenities and sky-high rent to match. It’s not unusual for landowners to compete by upgrading to the latest and most favorable design elements. The more appealing a property is, the more tenants it will draw in.

Luxury trends shift over time, but they all bring something that consumers want. From concierge services to on-site movie theaters, landowners switch up their design plans to fit what tenants desire. In a market where consumers call the shots, real estate agents and landlords benefit from staying up-to-date on the pitfalls and glories of rental properties.

Here are five trends becoming increasingly popular for luxury rentals.

1. Sophisticated fitness centers

Fitness centers are leaning toward more advanced features than the run-of-the-mill treadmills and ellipticals. Luxury properties are building basketball courts, locker rooms, and yoga centers within their gyms to create a comprehensive fitness experience. 

Massage rooms allow tenants to unwind after a particularly intense workout. Ohers can visit on-site hair salons and saunas for some relaxation. In the best-equipped gyms, renters can work up a sweat while indulging in top-tier features like VR bicycles. They also have exciting dance and pilates classes, and 4K Apple TVs.

2. Smart technology

Virtual assistants like Alexa and Echo have become must-haves for both homeowners and renters. Smart home systems allow anyone to dim their lights with a single tap or turn the thermostat up from the comfort of their couch. 

Many renters enter a new place already owning a virtual personal assistant, so landlords appeal to potential tenants with innovative ideas. Smart door locks, monitoring systems, and thermostats tend to attract new lessees due to their safety promises and guaranteed energy savings.

Though technology is rapidly streamlining essential functions, it hasn’t yet reached the level of the Jetsons — though some property designers are aiming there. An upcoming luxury high-rise in L.A. will feature a robotic car parking system with charging plates for electric models.

For the present, however, tenants across several apartment brands can make their weekly grocery trips right inside their residences. Concierge services complete their grocery shopping, do their laundry and even pet-sit their cats.

3. Natural, abundant lighting

Real estate agents, homebuyers and renters alike are familiar with the extravagant floor-to-ceiling windows featured in various hotels, luxury homes, and rental properties. The natural lighting trend is here to stay, and builders are incorporating it in new and unique ways.

Floor-to ceiling windows provide plenty of natural light, and they can make the increasingly shrinking square footage of luxury apartments look as spacious as their wider counterparts. Few tenants will pass up the opportunity to gaze at the city skyline morning and night. Pale or sheer curtains are an excellent stylistic choice for these windows, as they allow more light to illuminate small spaces.

These windows can even work well in bathrooms — with coverings included. Hanging lights are another lighting choice for small rentals, as they brighten the interior without subtracting floor space. Lanterns and lamps make cozy wall accents, while recessed ceiling lights provide a touch of subtlety.

4. Communal lounges 

Communal lounges are “a thing” already for virtually any rental, but luxury buildings are kicking it up a notch with irresistible amenities. Properties are offering outdoor lounges with fire pits, bars and barbecue areas for tenants to party with neighbors and guests. 

The Ascent in Charlotte, NC, boasts a communal penthouse with an observation deck, matrix TV and a fully-stocked bar. With features like these, apartment complexes transform into five-star hotels — no check-out required.

Real estate watchers can expect to see more extravagant additions such as movie theatres and eco-friendly saltwater pools in the future.

5. Dog parks

While many luxury amenities are intended for human consumption, landlords haven’t forgotten about their renters’ furry friends. The number of pet owners in the U.S. won’t drop any time soon, and properties are accommodating this demand. 

The days of no-pets-allowed apartments are fading, replaced with rentals offering indoor play areas, pet washing centers, and lush dog parks. Indoor parks allow renters to let their dogs run free, whether rain or shine. This feature can be the main selling point for tenants who choose living spaces with their pets’ needs in mind.

Stay in-the-know about luxury multifamily trends

Landlords know to weigh the advantages and disadvantages of any changes they make before executing them. Although amenities like dog parks won’t be fading any time soon, who’s to say what will go out of style next? Keeping a close watch on the market ensure smart investments and satisfied tenants.

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(Featured image by DepositPhotos)

DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation for writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.