Multifamily developers are always looking to stay ahead of what renters want in their next home. As 2024 is coming to a close, we took a deep dive into how developers are enhancing their properties to meet evolving renter preferences. Using data from Costar Analytics, we examined key features in newly built Class A, Conventional multifamily properties with 50 or more units across the United States. We observed what amenities were most popular in new constructions and how these offerings somewhat differ depending on building styles.
Other widely adopted amenities include 24-hour access (56%), in-unit grills (50%), clubhouses (49%), and lounges (47%). The emphasis on community-oriented spaces like pet play areas (45%) and pet washing stations (34%) reflects the growing trend toward accommodating pet owners.
Mid/High-Rise Properties
Mid- to high-rise buildings align closely with national trends, focusing on air conditioning, fitness centers, and pools. However, they also stand out for features like lounges (51%) and bicycle storage, catering to urban renters seeking convenience and social spaces.
Top Amenities in Mid/High-Rise Properties:
Low-Rise Properties
Low-rise properties maintain the national focus on air conditioning, fitness centers, and pools but distinguish themselves with higher adoption of clubhouses and pet play areas. Vinyl flooring and sundecks are also popular in-unit features, reflecting a mix of luxury and functionality.
Top Amenities in Low-Rise Properties:
Garden-Style Properties
Garden-style properties prioritize outdoor-oriented amenities, with pools being the most common feature (89%). Pet-friendly facilities like pet play areas (63%) and on-site property management are also popular in these communities, which tend to be more suburban.
Top Amenities in Garden-Style Properties:
This insight into multifamily development trends highlights a key focus for multifamily development: creating value, making sound investments, and staying informed by understanding what renters want. Developers are adapting their offerings to meet the unique demands of different building styles and tenant demographics, helping their properties stand out in a competitive market. We encourage readers to keep in mind that this overview is based exclusively on Class A properties, which have a higher proportion of mid/high-rise developments compared to other building styles when looking at the distribution across all asset classes. Consequently, these trends may not fully reflect the preferences of renters in Class B or C properties or those in less urban areas, where priorities and demands can vary significantly.
Costar; 50+ Units Building; Conventional (Market; Market/Affordable); United States; YTD as of No. 26, 2024; 2,425 properties
