As we come to the end of 2016, it’s time to say goodbye to some outdated trends and hello to some exciting new advancements in the multifamily property industry. It’s also a great time to take a look at your property to see where you can make improvements, analyze your renovations budget, and decide where you’d like to invest your efforts. Part of this is looking to the future to see if there are new trends you should consider implementing in your property. So let’s talk about some trends to consider for the New Year!
While you may not want to change your paint colors every year, a fresh coat of paint when needed is one of the easiest ways to keep your property updated. Keeping the color scheme in a more neutral palette is always a great idea to create an inviting atmosphere that future residents can imagine themselves in. However, consider adding a bolder accent wall to provide some dimension to the room as well.
If you’re in the market for a fresh coat of paint, we’d suggest looking at Sherwin Williams’ 2017 Color of the Year, Poised Taupe. The neutral color offers a cozy, welcoming environment that both your current and future residents will love. In addition to this warm neutral, Sherwin Williams also sees a number of other color combinations to be used along with a taupe palette. Check out their color combination predictions and let us know which is your favorite. (Ours is the Yellow POP combo!)
Another improvement you may want to consider for your property is going green. A new report by Freddie Mac found that more renters were concerned with rising utility costs than rising rents. According to the report, 88% of participants agreed that multifamily properties with energy- and water-saving features would help reduce their utility bills, with 84% saying green properties are generally better places to live. Nearly half of those said they would actually be willing to pay more for an environmentally friendly rental.
Considering these findings, it may be a perfect time to start implementing more environmentally friendly options into your property in 2017 if you haven’t already. Not only will it provide energy-savings for your residents but also for you as a property owner. You will also be giving your property a competitive advantage over other multifamily properties in your area that have not yet implemented green technology allowing you to charge a premium.
Bike rooms are quickly becoming a must-have amenity for multifamily properties. As U.S. cities become more bike friendly and people become more health-conscious and environmentally friendly, properties are starting to carve out space to create bike rooms to fit their residents interests and needs. This allows residents a safe place to store their bikes so they don’t have to get creative with their storage solutions in their own homes. If you want to step it up a notch, you may want to outfit the room with security cameras, secure access, tire pumps, and equipment lockers.
Bike rooms may not be the only amenity you’d like to integrate into your property but it is definitely something to consider for 2017 and beyond!
While you may not implement all of these trends in 2017, they are important to consider for your future renovations. These will help increase your occupancy and your bottom line, which is exactly what we want!
If you’re interesting in discussing how to implement any of these or other trends, contact us today!