2017 Multifamily Property Trends

As we come to the end of 2016, it’s time to say goodbye to some outdated trends and hello to some exciting new advancements in the multifamily property industry.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!

Color Trends

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.

Modern Gem Design Blog :: 2017 Multifamily Property Trends

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!) 

Green Property

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.

Amenities

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.

Modern Gem Design Blog :: 2017 Multifamily Property Trends

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! 

Part 2: How to Select an Exterior Paint Scheme for Your Multifamily Property

Choosing the right exterior paint color scheme not only provides an updated, fresh look to your property but will also help drive traffic to your leasing office by enhancing the curb appeal and giving your property a pop that competitors may not have.  In Part 1 of this series, we discussed the essential factors to consider when painting the exterior of your multifamily property (like your demographic, competitors and building types to name a few), now we’re exploring how to go about choosing the right color scheme for your property.

Consider the Surface that will be Painted  

The type of surface you plan to paint will determine the type of paint you will need to use. Is the surface wood? Masonite? Vinyl? Aluminum? Brick? Depending on what material the surface is made up of, you will have to choose accordingly to enhance the appearance of the paint color on that surface, and also to avoid any deterioration of the paint or materials over time. The same exact paint color will look very different on different surface types.

Make sure to refer to your contractors and paint suppliers as experts in choosing the correct paint type for each specific surface.

Factor in Other Property Elements  

When choosing paint colors, factor in existing or new landscaping in your color palette.  You will want to choose colors that complement the landscaping rather than clash to create a cohesive, harmonious look.

If you have vibrant, bright colored flowers, you will want to choose a more neutral paint scheme with complimentary colors. A palette like our Pebbles & Ash color scheme would work well.

For a more natural setting of green, you can pick something with a little more pop to it like our Perfect Oasis color scheme

Your roof, chimneys, and parking lot are all areas that will not be painted but should definitely play a role in your color choices. For exteriors that are partial stone, choose a color that will enhance this feature and create harmony. 

For exteriors that are partial brick, you may want to consider painting the brick depending on the current condition and color of the brick. If you decide to not paint the brick, you will need to choose a color scheme that compliments the brick exterior as well.

Canyon Grove is a good example of a property where we had to tie in the existing brick siding as well as existing natural stone architectural accents with the new exterior color scheme. As you can see, the existing brick siding is a cool toned reddish brick with accent speckles of white and gray tones. The exterior of the leasing office/clubhouse has natural stone that is more warm toned but also has white and grays that we were able to enhance by choosing the right exterior color scheme. Being able to pull out the same hidden color tones in both the brick and the stone allowed us the tie everything together.

We decided to color block the paint job by alternating two different main siding colors by building. Color blocking is a great way to give some additional depth to an exterior paint scheme on a large property while showcasing two separate main body colors. I like to mix it up by alternating a bolder color with a more neutral color but with similar strength and intensity of color.

Fade Resistant Colors

Make sure you choose exterior paint colors that will fair well through weather and sun exposure. Dark colors, like red, may fade to pink and blacks to grays. Choosing the right colors as well as the type of paint used will allow for longer times between exterior paint jobs.

Mockups

Always test the colors on the buildings before making a decision. I always create 3 color schemes and test 3 color schemes. Once they are approved, I have the contractors do “mockups” where they put the colors up on a large span of a building with each of the 3 schemes next to each other. This area of the building must have good lighting in order to properly view the colors and visualize the finished product. After the first round of mockups, it’s easier to make a decision on which color scheme(s) will look best for your property or make any necessary changes to the schemes if needed.

Brand Recommendation

When choosing exterior paint, I personally prefer to have our contractors purchase from Sherwin Williams. They have excellent customer service with responsive representatives in every city no matter how small the market, which many other paint suppliers like Glidden do not have. Sherwin Williams will also create paint renderings of the selected colors on the buildings at no additional cost. Another factor other suppliers like Benjamin Moore do not offer is an “affordable” line of paint that is conducive to larger exterior multifamily paint projects. Because of these factors, Sherwin Williams is always our go-to for exterior paints.

Taking the time to consider all the factors in choosing the right exterior color scheme is essential in successfully updating the exterior of your multifamily property. When done properly, a fresh, new look will help keep current residents longer as well as fill any vacant units much more quickly. If you are ready to update your color scheme but feel like you need a little help in choosing the right color palette for your property, please contact us today to schedule a consultation.