The apartment rental market is constantly evolving, and making significant changes in order to keep up with consumer trends. As Millennials and Gen Zers make up a large portion of current renters, the market needed to make some unique improvements in order to accommodate for these generations’ new lifestyles.
Of course, that’s not to say that the coronavirus pandemic we were faced with this year hasn’t had a notable impact on the apartment rental market as well, forcing a couple of more unpredicted changes. To that end, here are some of the most intriguing trends taking over today’s market, shaped by these two important aspects:
The cost becomes more important than ever
As the coronavirus pandemic started to impact bigger cities around the world, the rent costs generally dropped in those areas, the epicenters where a larger number of restrictions were imposed. However, the novel pandemic has impacted the job market as well, leaving many struggling to make ends meet during this period.
Naturally, this led to a higher demand for more affordable housing solutions. However, renters are now reducing household expenses as well, in an effort to maintain financial stability during an uncertain time. Considering these aspects, it seems like the rental market will need to accommodate its prices even further, in order to attract avid young tenants currently unable to splurge on a life of luxury.
Urban life remains the most popular choice
It’s no secret that the newer generations of renters are more attracted to the urban lifestyle than their older counterparts. These renters are often willing to downsize or make other compromises, as long as that entails a life in the center of the city. This is a trend that doesn’t seem to be dying down anytime soon.
People moving to the Home of the Blues always look over all suitable options for rental properties in Memphis before settling down. When it comes to cities, they look into things such as public transportation, neighborhoods, proximity to amenities, and more.
As many apartment rental trends are dictated by young professionals who strive for practicality and convenience, opting for housing solutions that offer all the necessities along with close proximity to vital amenities, a prime location is still among the most important rental aspects. This led to a higher number of professionally maintained apartments in top city locations, aiming to fulfill all the needs of Millennial and Gen Z renters.
Smaller apartment units are on the rise
As the need for smaller apartments combines with the demand for a prime location, another trend appears in the form of smaller apartments. Tenants are now mostly looking for serviced studios for rent that have all the amenities one might need to make their busy urban lifestyle that much more convenient.
What’s more, renters will also opt for studio apartments that offer additional services such as laundry and housekeeping, apart from a comfortable bedroom and an excellent location. Complexes with communal areas like kitchens, living rooms and lounges, are always a plus, as they tend to blend the appeal for community-focused living with necessary privacy, a concept incredibly popular among younger demographics.
An emphasis is put on innovative technology
Smart technology is slowly evolving into one of the most important aspects for renters when searching for apartments, which became especially true during the global pandemic that has separated people physically. Services such as high-speed internet, good security systems, and even convenient entertainment options, have now become nonnegotiable features all rental units must have in order to attract younger renters.
However, as the newer renters tend to follow the latest technological advancements, apartments with additional smart features are generally favored over those with only the essential aspects. For instance, IoT-enabled smart devices such as TVs, speakers, and even lights and switches, which can either be controlled by voice or via smartphone are now some of the most sought-after features of rental units.
Sustainability is always at the forefront
An integral aspect of the millennial lifestyle is sustainability and a higher focus on the environment. For this reason, many apartments, complexes, and even communities are going green and choosing more eco-friendly practices, in order to attract conscious young renters. However, energy-saving appliances and resource-friendly features might not be enough to satisfy the modern green tenant.
Eco-conscious renters are now looking for anything from sustainable building materials to green communal practices like recycling bins and compost areas, to accommodate their eco-friendly lifestyles. Even aspects such as green, biophilic design might be a great advantage when attracting these young tenants, as long as there is a clear effort to prioritize sustainability and an environmentally friendly life.
Considering the fact that rental trends are normally set by the latest generations of renters, it comes as no surprise that the newest, more unique trends mostly revolve around convenience, innovative technology, and the emphasis on a greener urban lifestyle.