Trends in interior design and multifamily housing come and go, but there are some strategies that have the potential to create a highly desirable space that will stand the test of time. We’ve rounded up the top trends we’re seeing in multifamily housing renovation.
1. CREATING A HIGH-END AESTHETIC WITHOUT BREAKING THE BANK
Luxury design elements, from flooring and lighting to furnishings and décor, are popular amongst tenants spanning multi-class sectors, but that doesn’t always mean you can’t create the same look while staying within your budget guidelines.
The fine balance of staying within budget while creating a high-end aesthetic is an art that we know well. When renovating amenity spaces, it is important to keep the end goal of creating asset value for the owner in clear sight. High-end furnishings are beautiful, but they can also be costly. Many of our go-to trade sources have furnishings, artwork décor that looks super expensive, have great quality and longevity, but are affordable. We want to deliver and install our projects with pieces that are unique, are good quality, look high-end, and will stand the test of time in that space for the property.
It is also important to get creative with the budget and allocate dollars appropriately so the client will get the most bang for their buck. Knowing where the large costs are and being able to assess the current condition of the design elements and how they will hold up in the long run is key to creating value.
By incorporating these skills during a renovation project and implementing designs that are both aesthetically luxurious and timeless, multi-family amenity spaces can still appear modern and on-trend for years to come.
2. AMENITIES ARE KEY
Many of the newer apartment communities have become more about the amenities they offer and less about square footage. The largest sector of renters, millennials, want top-of-the-line amenities in their living space. Ones that compare and compete with such communal spaces seen in a hospitality setting. It’s a huge selling point to have open space that is catered to and utilized to the maximum for the multifamily property’s ideal tenant.
These spaces not only provide a way to be social and engage with their neighbors, millennial renters want to meet new people and have these spaces be an extension to their home that they can enjoy in a way that best suits them.
Many design professionals have been providing the same amenities you would find at a 4 or 5-star hotel, or in one’s home.
To list a few:
· State-of-the-art fitness centers including instructor-led classes and/or virtual classes.· Valet parking· Concierge services· Swimming pools with cabanas· Rooftop lounges· Amazon lockers· Food kiosks for healthy grab and go options· Wine bars· On-demand dining service options· Fire-Pit, barbecues, and outdoor dining areas· Indoor and outdoor dog parks
While these services and amenities increase the price of rent, many renters are willing to pay the extra money to have access to features that make their lives easier and more convenient on a day to day basis.
3. CO-WORKING COMMON AREAS
Multifamily design trends are starting to see the creation of common work environments incorporated into residences. More people are working remotely, and as Americans continue to work more, having a dedicated workspace within a residential setting is appealing to renters spanning all ages.Co-working spaces are designed in a way that people can sit in an open desk-like setting, have a place to make calls, plug in their devices, access Wi-Fi, and curl up in a quiet corner to read. They have quiet areas and separate offices for conference calls and/or meetings. Adjoining these areas is usually a larger gathering space with tables and chairs with lounge seating and a kitchen which allows for more collaboration with other residents and their businesses.
Offering many of the same services that a paid co-working office would provide will show more value to tenants when weighed with the cost of these third-party providers, allowing for higher rents.
4. SMART TECHNOLOGY AND PERSONALIZATION
Multifamily design trends continue to include technology features, such as on-site Wi-Fi, but developers and owners need to continue to raise the bar on these features. As technology continues to develop at such a rapid rate, renters are constantly looking for state of the art tech features that will create more ease in their daily lives. Apps and devices that make life easier has become the norm in many communities.
Controllability of space is desired and being able to work from your device at home, in the lobby, lounge, laundry without interruption is essential. Giving residents the ability to control their home security, lighting, and adjust the temperature from the convenience of their smartphones, provides a level of comfort from both a mental and physical standpoint.
5. PAINT TRENDS
Light color tones and neutral finishes have always been a trend in multifamily design on the interiors. Whites, light grays, and greiges (light grays with a hint of beige or taupe) continue to create a stress-free, clean and relaxed environment.
A more modern take on these concepts that we like to utilize is to fill a space with different shades of white. Utilizing variations of the color creates a monochromatic color scheme with more dimension while keeping the space light and clean. Mixing the light grays or greiges with the multi-toned whites can create more of a subtle wow-factor when paired with contrasting flooring and lighting hardware. We find that utilizing colors that appear in nature has an organic, calming effect as well. These include tan and soft gray. Pale yellow that is similar to custards or lemonade are also calming choices for rooms. Adding some accent colors to walls or other architectural details in light teals, light greens, and light blues will brighten up the space while still maintaining a calming and soothing vibe.
6. FLOORING TRENDS
The demand for wood flooring continues as people desire a sophisticated look and a product that can withstand wear and tear. Wood is easier and faster to clean, an important feature as we deal not only with coronavirus, but also strive to keep our homes free of allergens and germs on a daily basis. Wood also warms up the space and it feels more natural. People gravitate towards an earthy feel and want to see all the imperfections in the wood. Carpet, even in the bedrooms, is going away as it collects dust and doesn’t provide that connection with nature the way that wood or a wood-patterned luxury vinyl plank does.
The current trend for floors is a wider plank, around 8-to 10-inches versus the thinner ones of the past. The wider plank is popular from an aesthetic standpoint, but it also greatly benefits owners and developers on keeping labor costs down due to a more rapid installation because of the larger pieces.
Carpet still has a place in the multifamily space, typically in older assets, but now we are seeing lower pile carpet than previously used variations. It won’t be as plush, but it will be easier to maintain and will have fewer allergens. Another benefit of carpet is that it provides a sound barrier in both older and newer buildings, which is still important.
Ready to implement some of the latest trends into your next multifamily renovation?
Schedule a free, no-obligation consultation with us today so we can go over our approach in more detail.