In the wake of the Covid pandemic, developers in the multifamily industry have had to reconsider their approach to new developments. At a recent Connect Dallas Multifamily event, a panel of experts delved into future projections and current trends.
Michael Broder from RCKRBX presented data highlighting a disconnect between what renters desire in terms of unit size and what is being offered. He stated that only 18% of prospective renters prefer one-bedroom units, yet they make up 53% of available options. This calls for developers to reevaluate their unit mix. Broder emphasized that room configuration holds more weight than amenities when it comes to renter preferences as people are now renting for longer periods and seeking more space.
Richard Sodeke from TruAmerica echoed this sentiment by stating that tenants want fewer amenities overall. The initial appeal wears off quickly for flashy features like pickleball courts or work-from-home spaces among his company’s renters.
The list of desired features among tenants has drastically changed over the past five years according to panelists’ observations. They noted an increase in importance placed on soundproofing, safety measures such as corridor cameras, private laundry facilities, and yards/patios with privacy since 2015 – with safety ranking second only after rental costs on priority lists.
