CREJ - Multifamily Properties Quarterly - April 2015
More than 43 million households in the nation rely on rental housing, according to Best in American Living’s winter 2015 issue. That population is renting for a number of reasons. And it is important not to overlook the need and, in many cases, the desire to simply rent an apartment. It gives a person freedom to enjoy life without the burden of taking care of a property. The old thought pattern, “When the stove breaks down, I don’t have to fix it,” comes into play. The mobility of a society that doesn’t have the same values as the prior generation is a real impact on our near-future population, economy and lifestyle. Being the owner of a single-family residence, I find myself cursing at the yard, exterior paint, garden, trees (and even the dog!), which bogs down my so-called “time off” to enjoy my home. With our busy lives, I believe generation X and the millennials have it correct when they value the extra time they have with their family and friends, along with the opportunity to pursue their interests beyond work. This is a great opportunity to learn a lesson from our children and younger generations. So, now that we have established the value of renting an apartment in a multifamily unit, let’s peer inside. What will make the experience a positive one when your neighbors are across the hall or on the other side of the wall? Construction. Green construction, low-flow fixtures, energy-efficient boilers, high-performance windows, solid-core doors, and insulated walls and floors should be standard. Unique architecture with interesting features, colors and materials can dress up a complex. Some newer units use interior finishes that rival luxury homes. One of my pet peeves in the International Building Code is keeping all the accessible units on the ground floor, and they usually end up being garden level. For apartments under four floors, how about putting in an elevator even when the building code does not require the amenity? I know many impaired citizens, parents with kids in tow and seniors with bad joints who would be very grateful. Floorplan. A nifty layout that has adjustable closet shelving (even walls) and an office nook would be accommodating. Even one-bedroom apartments should have a small bathroom for guests, in order to preserve the privacy of the master suite. A comfortable kitchen, with lots of storage (again adjustable shelving) can house gadgets without the clutter often associated with living in less than 1,000 square feet. Smaller, Energy Star appliances that fit the lifestyle of the renter will be a space saver. For example, a stackable washer and dryer, tiny refrigerator, and small stove or oven often will satisfy most active people. I have stayed in a one-bedroom, one-bathroom condominium in the mountains where the entire kitchen disappeared when it was not in use. None of the quality was sacrificed, but the look was flush with the walls and blended in with beautiful wood accents and amazing symmetry. Many European apartments follow this model and use space efficiently. There is a lot we can learn from this approach to small spaces. Amenities. A characteristic of a healthy society is community. Having a gathering place to keep in touch with neighbors and friends is ideal. One of my favorite memories as a young adult while living in Florida was when the residents would bring their cocktails around the pool every afternoon. Cleverly landscaped grounds with a place to share your day, work out, hold events and start clubs with people having common interests adds to apartment living. Amenities can include a small community garden with raised beds, dog parks, benches, picnic tables, barbecue grills and small shelters. A walking and biking trail extending several miles that connects with other trails would round out the list in my perfect world. Location. As our transportation costs skyrocket, not only is our wallet impacted, but also our perceived wasted time behind the wheel. Having easy access (ideally within half of a mile) to a bus or train stop allows multifamily residents to shed their vehicular costs and use the commuting time to either work or check in with friends. Maintenance. Commonly, older apartments are in need of upgrades, which would price them out of the market in their area, and some may have issues, such as black mold and inefficient heating, ventilation and air-conditioning systems. Many older apartments can be somewhat drab, basic and unattractive. New apartment buildings are taking advantage of years of trendy design, construction experience and codes. Industrial chic construction is popping up in urban areas, and along bus and light-rail stops, where older housing or industrial buildings previously existed. Cost. I probably deserve a bop on the head (reality check) at this point. Having all the items listed above would make the rental cost out of reach for most folks. The key is to expect it. Put rental unit developers to task and require upgrades by using the competitive market. One solution may be to bolster funding of the Community Development Block Grant program or other Housing and Urban Development programs at previous standards to assist low-income areas. This funding has all but disappeared in most communities. Embrace the future of apartment living by addressing the needs and wants of its occupants. No longer is medium to high density a bad science experiment. Learning from the past and keeping the “institution” out of multifamily apartments will assist this viable, accessible choice in housing.