After Airbnb And Micro-Units, What's Next For Multifamily?
While developers hash out the next round of amenities and cope with a changing landscape—ahem, talking to you, Airbnb—some of the Next Big Things are the conveniences that define Millennials, like places to stash Amazon packages. Monogram Residential Trust CEO Mark Alfieri gives us the lowdown on what renters want. Join Mark and other industry trend-makers at Bisnow’s national all-day multifamily event on July 21 in Dallas. Read on for a preview.
Mark says we’re well past the days when a fitness center was considered a plus. Instead, renters are challenging developers to provide entire lifestyles. One of the biggest trends Mark has seen in the last couple of years is the increased demand for package delivery services that has resulted from steady growth in online shopping. In response to this demand, Monogram began incorporating package locker systems that allow residents to retrieve their packages 24 hours a day using a secure keypad access system. The locker systems are in all of Monogram’s new developments and the company is in the process of retrofitting existing communities.
Millennials comprise 16% of Monogram’s resident demographic, and they’re steadily gaining influence. Monogram has responded by giving them what they demand: building near entertainment venues and other like-minded people, ensuring walkability, and providing the same level of luxury finishes in their apartments as they had in their homes growing up.
In the next five years, Mark expects to see more focus on sustainability; more communities will strive for LEED certification. Mark points out that Monogram’s LEED properties benefit the company and its customers from a cost perspective. Electric car charging stations are on the rise too. 40% of Mongram’s portfolio has car charging stations, and 90% of its recent developments do. Demand for bike and car share programs are also increasing.
Demand for high-speed internet is universal, but particularly fervid among Millennials, Mark tells us. Monogram has outfitted some of it newer buildings such as SEVEN in Austin, TX, with Google Fiber Optics in response to the demand.