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Consumers and Developers Place a Premium on Amenities

Today’s residential real estate market is focused on a wider variety of consumer needs than ever more. In a recent article in Multi-housing news (The Amenities Race), Duan St. Amand shows how amenities are constantly evolving and what developers need to offer in order to attract buyers.

Today’s residents and consumers are using technology primarily for convenience. At the touch of an app, we are able to secure a ride, order dinner, or meet that “special” someone. For multi-family developers and designers, that means staying a step ahead when it comes to offering unique amenities that will save time for overworked, stressed-out residents.

The latest report from CallisonRTKL gathered collective research to determine which amenities resonate most within the next five to ten years.

According to this research there are three categories that are considered.

  1. Customary – standard and expected amenities
  2. Elevated – residents willing to pay more for access
  3. Unexpected – amenities that are truly exclusive in a competitive market

Convenience – Low maintenance, urban, high walk score neighborhood

  1. Customary – underground parking
  2. Elevated – bike or car-sharing on site
  3. Unexpected – interactive screen with live feed of public transit options

Community/Social – Shared spaces outside rentals and condos

  1. Customary – leasing office in lobby
  2. Elevated – coffee shop or café on site
  3. Unexpected – local gourmet market with cooking classes, day care, doggy day care

Health and Wellness – Upscale community fitness center

  1. Customary – 24 hour fitness center
  2. Elevated = Yoga or spin classes
  3. Unexpected – spa treatment room, virtual trainer, on-demand classes like kick-boxing

Urban Escape – Outdoor access to relaxation and socializing for residents and pets

  1. Customary – rooftop pool and hot tub with lounges
  2. Elevated – outdoor wet bar and pizza oven
  3. Unexpected – rooftop restaurant and shaded jogging track

Technology – Everyone and everything is connected in and out of individual units; ability of management to connect with residents at any time

  1. Customary – high-speed WiFi; business center
  2. Elevated – WiFi enabled thermostats for temperature control; concierge app
  3. Unexpected – Smart home offering “plug-and-play/technology-ready”; available co-working

Just as important as amenities is site selection. Amenities need to be considered in the context of their location and what value they may add to the building as well as to the community.

Since today’s condo market strives to offer a broader, more diverse set of residents’ needs, developers must consider the importance of adaptability and flexibility. In order for these homes to appeal to a broad range of residents, the focus will be on “dense urban communities or walkable mixed-use projects in the suburbs that integrate technology, minimalism, shared resources and convenience.”

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About Author: Condo.com Team