Changes in Multifamily Housing
A career in multifamily real estate can feel exciting and challenging, especially when experts project the industry to grow to between $475 and $500 billion dollars in 2022. If you’re considering a career move into this industry, you’ll join professionals working to shape the future of this high-demand market.
People who seek out these jobs understand the importance and fundamental need of housing in a profession that serves approximately 43.9 million people in the United States, who, according to a 2019 survey, chose to live in multifamily buildings. This demand, combined with a monthly average of 12,982 job openings, presents many opportunities for beginning a successful multifamily real estate career.
What Is the Multifamily Industry?
The multifamily industry includes housing options such as apartments, condominiums, mixed-use (residential plus retail space), student housing, age-restricted (55+), and low-income.
To get an idea of the current state of the market, with its low housing supply and high demand, consider rent prices. Right now, one-bedroom apartments are renting on average for $1,751 nationwide, up 25% from last year.
In part, we can attribute this increased need to higher costs of living and rising interest rates that make home purchasing unattainable for many people. According to the National Association of Realtors, the median home cost is $368,200, which requires an income of $85,764 per year.
How the Pandemic Changed the Industry
When stay-at-home orders hit the nation to slow the spread of the pandemic, many people re-evaluated where they wanted to live in the future. Crowded cities near suddenly closed workplaces represented an unhealthy and potentially dangerous environment. This new reality changed how people lived and integrated remote work into their home life.
Amenities, such as a pool, gym, or other gathering spots, could no longer be used during these closures. Also, these added features no longer looked attractive since people were more worried about being exposed to Covid-19 than using these amenities. This attitude shift meant most people stayed put or sought to move to smaller cities. Moving, in these cases, often allowed for lowering costs because doing remote work no longer tied them to a specific and usually more expensive location.
New Demands and Expectations from Renters
When the lockdowns ended, most renters had learned to adjust to working from home, but also realized the limitations of their shared family spaces. As companies continue to support remote work, apartments are becoming more multifunctional. Residents want a nurturing environment where home and work can co-exist. When they decide to look for a new apartment, residents express heightened expectations, seeking new amenities, such as:
- Dedicated Office Space – Renters desire a private office for video conferencing that’s quiet and separate from other family or roommate activities in order to increase productivity and eliminate distractions. In addition to having a space to work, apartment residents also look for enough room for everyone to feel less cramped, with more living areas to stretch out.
- Outdoor Area – Looking at the same four walls without the option of going outside, especially in a city environment, can increase stress and affect a tenant’s mental health. Apartments that offer outdoor spaces, such as balconies or rooftop decks with flexible seating arrangements, are highly desired.
- Smart Technology – As smart technology becomes more available, many residents are looking for devices that make their lives easier. These systems can help tenants feel safer with added security and smart lighting. Other technologies that residents like include ways to lower energy costs with automatic thermostats or water-saving devices.
What Resources AptAmigo Provides and Why Choose AptAmigo
Without the right tools and information, finding the best apartment with all the amenities you need can be difficult for tenants to do on their own. In addition to our own apartment search website for clients to use anytime, AptAmigo developed a tailored Customer Relationship Management (CRM) system for our expert Apartment Locators that saves hours of time on apartment searches. This customized tool not only helps our agents find apartments for their clients faster, but also reduces stress throughout the process.
Our Apartment Locators provide a free concierge-style service that guides their clients through their entire apartment search. Apartment Locators for AptAmigo use exclusive, proprietary tools and are dedicated to finding the right fit for their clients.
