CREJ - Multifamily Properties Quarterly - November 2017
Maybe it is the 300-plus days of sunshine, the booming cityscapes boasting multiple cranes or the call of adventure in the mountains, but whatever the reason, people are drawn to our beautiful state. Due to this attraction, Colorado is experiencing a housing boom like never before. This increase has obligated our housing market to adapt and explore new concepts and conveniences wanted by the current renter. For multifamily housing, one thing has remained true: People of all walks of life are looking for the conveniences and unique amenities it offers. Multifamily housing continues to answer the call of millennials looking for their own spaces, young couples looking to be first-time homeowners facing a challenging market, baby boomers looking to downsize, and families of all shapes and sizes looking for a sense of community and home. Keeping these diverse demographics in mind, the design trends and appeal of multifamily housing is more crucial now than ever. The multifamily housing scene is flourishing across Colorado, and competition for renter’s attention is not scarce. Ensuring your property stands out can be vital for success. Below we’ve shared some ideas and trends to help set your property apart. •Amenity spaces. Amenity spaces are continuing to make a shift in their offerings to stay competitive in the ever-growing market. Past trends have included things such as big theater rooms with popcorn machines and entertainment offerings. Today’s multifamily housing is looking to support their tenants through a more practical approach. Sleek community spaces with cafélike vibes offering beverage stations with coffee and keg taps, high-speed Wi-Fi and community computers and printers look to accommodate residents who telecommute but may not want to stay in their home all day. Offering a private coworking space or individual offices that can be rented out is another amenity gaining in popularity. In the past, we saw amenity spaces that were broken up or secluded from one another in a more compartmentalized floor plan. Now it is about creating an open space where the different areas can merge. This vision is achieved through large community tables where folks can host group gatherings, and comfortable lounge areas where all sectors of the family are entertained and relaxed. Further complementing this trend is the recent interest in indoor-outdoor compatible zones; such as an indoor-outdoor bar or game room with the use of a garage door. Accommodating resident’s lifestyles remains an active focus as well. Dog washes and dog parks, repair shops for bikes/skis/ snowboards, and electric car charging stations are all popular offerings of current day multifamily housing. •Design trends. While in the past we have seen a design focus on bright colors and pop-art effects, we’re grateful to report a shift back to natural tones and textures is in the works. Fresh spaces with subtle tones, contrasting light and dark, and textures that work to add a touch of depth are creating the multifamily spaces of the future. Playing with light and keeping it bright works to create this desired natural effect. We are happy to see this shift back into creating a timeless space for a sleek and clean living experience. Additionally, this style lends itself to not needing replacement in three to four years, extending the property’s longevity. The design focus for shared areas in multifamily housing is all about using textiles to activate the space. For urban settings, we are loving the use of graffiti graphics and bold wall murals. These go great in fitness facilities, hallways and busy areas of the community. Art pieces are bigger and tend to feature a mix of mediums with daring design and bold details. By activating these zones with eye-catching items, a unique and fun atmosphere is created. •Finishes. We all know the design is truly in the details. Creating these fresh, clean living spaces is brought to completion in the finishing touches. What used to be a focus on darker accents and dark-stained wood now is moving to a much more natural state. Raw woods used for flooring and trim bring a touch of nature to these bright living spaces, and mixing mediums such as wood and steel creates a modern approach to classic finishes. This balance of dichotomy between materials is a trend we are seeing across properties and styles – playing off the balance of light and dark mentioned earlier. If a mix of wood and steel doesn’t do it for you, consider mixing differing metals and tones. One of our favorite finishing details is antique brass, which is a fantastic complementary look for unfinished wood. Pair these together for a crisp finish. The trends of multifamily housing will continue to change and we will continue to adapt to current residents and their demands. However, answering the call of creating beautiful living spaces for families to call home will always stay fresh and at the forefront of development. Having that “wow” factor for a multifamily housing property ultimately will distinguish it from competitors and set the property apart. We love the direction these trends are moving in and cannot wait to continue working with inspired, fresh ideas.