• The Hottest Multifamily Trends The Hottest Multifamily Trends

    0 comments / Posted on by Steven Rivera

    The Hottest Multifamily Trends

    There are changes happening across the multifamily arena that is drawing interest from both tenants and property owners and managers alike. The changes are reshaping the way multifamily apartments are designed as well as the scope of amenities being offered.
    This helps draw a better caliber of tenant to the multifamily housing market, and present property managers and owners with an opportunity to offer high-demand services that result in increased rents. Here are some of the hottest trends and how they could apply to different types of multifamily properties.

    What Renters Are Looking For

    According to a survey conducted by Entrata, a multifamily technology company, price is the number one attribute (74%), followed by the neighborhood where the apartment is located. They also place a higher value on having utilities included in their rent, which ranked higher than the square footage of the apartment. Specific amenities came in at 31%.
    When renters were asked about their “top of mind” desires, the top three desires were in-unit washers and dryers, which was followed by a gym/spa, and the third was a swimming pool. 
    Entrata surveyed renters on what amenities they would be willing to pay extra for each month, and the responses were (in order of preference): smart technology, in-unit laundry, online rent payments, secure access, a gym or fitness center and smart-home features.

    Living Closer to Downtown

    One of the biggest trends in multifamily properties is that tenants are willing to give up square footage in order to live closer to the downtown...

    There are changes happening across the multifamily arena that is drawing interest from both tenants and property owners and managers alike. The changes are reshaping the way multifamily apartments are designed as well as the scope of amenities being offered.
    This helps draw a better caliber of tenant to the multifamily housing market, and present property managers and owners with an opportunity to offer high-demand services that result in increased rents. Here are some of the hottest trends and how they could apply to different types of multifamily properties.

    What Renters Are Looking For

    According to a survey conducted by Entrata, a multifamily technology company, price is the number one attribute (74%), followed by the neighborhood where the apartment is located. They also place a higher value on having utilities included in their rent, which ranked higher than the square footage of the apartment. Specific amenities came in at 31%.
    When renters were asked about their “top of mind” desires, the top three desires were in-unit washers and dryers, which was followed by a gym/spa, and the third was a swimming pool. 
    Entrata surveyed renters on what amenities they would be willing to pay extra for each month, and the responses were (in order of preference): smart technology, in-unit laundry, online rent payments, secure access, a gym or fitness center and smart-home features.

    Living Closer to Downtown

    One of the biggest trends in multifamily properties is that tenants are willing to give up square footage in order to live closer to the downtown...

    Read more

  • Attributes to Look for in a Commercial Real Estate Broker Attributes to Look for in a Commercial Real Estate Broker

    0 comments / Posted on by Steven Rivera

    Attributes to Look for in a Commercial Real Estate Broker

    Most cities are full of commercial real estate brokers that have a great deal of experience, market knowledge, tools, & resources. Many are also very busy and maybe are not as transparent as you would like them to be. Below are 5 things to consider as you interview your next commercial real estate agent.

    The Experience You Need on Your Side

    25 years of “real estate” experience is not the same as 25 years of experience doing site selection and negotiating commercial lease terms and contracts. For example someone with 8 years in residential real estate experience and 2 years as a commercial realtor is not the same as a person with 10 years doing ONLY commercial real estate. Additionally if a brokerage company has a combined 50 years commercial real estate experience does not mean that the person assigned to you has 50 years. That person could be new and only have 1 year under their belt. They key is to ask specifically who you will be working with and what their experience is in the niche you are looking for.

    No Conflicts of Interest

    Most commercial real estate companies are full service meaning they represent tenants and landlords. This has the potential to be a conflict of interest. What if the tenant representative working for you worked for the commercial real estate company who lists the property that you are negotiating for? Your agent sits in the desk next to the agent that is listing the property. Sounds...

    Most cities are full of commercial real estate brokers that have a great deal of experience, market knowledge, tools, & resources. Many are also very busy and maybe are not as transparent as you would like them to be. Below are 5 things to consider as you interview your next commercial real estate agent.

    The Experience You Need on Your Side

    25 years of “real estate” experience is not the same as 25 years of experience doing site selection and negotiating commercial lease terms and contracts. For example someone with 8 years in residential real estate experience and 2 years as a commercial realtor is not the same as a person with 10 years doing ONLY commercial real estate. Additionally if a brokerage company has a combined 50 years commercial real estate experience does not mean that the person assigned to you has 50 years. That person could be new and only have 1 year under their belt. They key is to ask specifically who you will be working with and what their experience is in the niche you are looking for.

    No Conflicts of Interest

    Most commercial real estate companies are full service meaning they represent tenants and landlords. This has the potential to be a conflict of interest. What if the tenant representative working for you worked for the commercial real estate company who lists the property that you are negotiating for? Your agent sits in the desk next to the agent that is listing the property. Sounds...

    Read more

  • Real Estate Mindsets of Baby Boomers, Gen Xers and Millennials Real Estate Mindsets of Baby Boomers, Gen Xers and Millennials

    0 comments / Posted on by Steven Rivera

    Real Estate Mindsets of Baby Boomers, Gen Xers and Millennials

    The 2019 real estate market looks substantially different than it did a decade ago. The housing market has evolved each year, as the new generation became first-time home buyers and the senior generation began to downsize. Each generation has different buying behaviors, preferences and goals that are influenced by external factors such as the economy, social norms, technology and government regulation. For example, Baby Boomers are waiting longer in life to downsize than their older Silent Generation counterparts in their senior years. So how does this affect the younger generations?

    Baby Boomers

    Born between 1944 and 1964, Baby Boomers are currently between the ages of 55 and 75 and downsizing later in life.  Why? They are living and working longer than previous generations. When they purchased their home 30 years ago, they made sure it was "perfect" for all their needs. They feel the same way in 2019, which is why they don't have a reason to move.

    Based on a study by Realtor.com, “85% of Baby Boomers indicated they were not planning to sell their home” in 2018. This trend will continue, inventory will become even lower in 2019 as Baby Boomers postpone downsizing; making it more difficult for younger generations such as Millennial first-time home buyers and Gen Xers looking to upsize to a bigger home.

    When Boomers finally decide to move in 2019, they will differ from the older "isolated retirement home" trend of their previous Generation. Instead, they will look for an engaging local community populated...

    The 2019 real estate market looks substantially different than it did a decade ago. The housing market has evolved each year, as the new generation became first-time home buyers and the senior generation began to downsize. Each generation has different buying behaviors, preferences and goals that are influenced by external factors such as the economy, social norms, technology and government regulation. For example, Baby Boomers are waiting longer in life to downsize than their older Silent Generation counterparts in their senior years. So how does this affect the younger generations?

    Baby Boomers

    Born between 1944 and 1964, Baby Boomers are currently between the ages of 55 and 75 and downsizing later in life.  Why? They are living and working longer than previous generations. When they purchased their home 30 years ago, they made sure it was "perfect" for all their needs. They feel the same way in 2019, which is why they don't have a reason to move.

    Based on a study by Realtor.com, “85% of Baby Boomers indicated they were not planning to sell their home” in 2018. This trend will continue, inventory will become even lower in 2019 as Baby Boomers postpone downsizing; making it more difficult for younger generations such as Millennial first-time home buyers and Gen Xers looking to upsize to a bigger home.

    When Boomers finally decide to move in 2019, they will differ from the older "isolated retirement home" trend of their previous Generation. Instead, they will look for an engaging local community populated...

    Read more