Trends to expect in the BTR market in 2024 and beyond
The landscape within the Build-to-Rent (BTR) industry is constantly evolving. As we look towards 2024, a few key trends are emerging, driven by changing renter preferences, technological advancements, and societal shifts. For property managers and management companies, staying ahead of these trends is crucial for success and growth.
In this guide, we explore the top trends in multifamily housing for 2024, offering insights to help you adapt and thrive in this dynamic market.
The top 6 trends in the BTR space
Understanding and adapting to emerging trends is key for property managers and management companies aiming to stay relevant and competitive in the rapidly evolving market.
Here are the trends you can expect to see in 2024::
1) Increasing use of PropTech
One of the most significant trends in is the increasing adoption of Property Technology (PropTech), specifically facilities management software.
Facilities management software allows organisations to gain complete oversight of their facilities, elevate their workforce and increase profit margins with one single source of truth.
There’s no longer any need to use a clunky and out of date system or a bunch of error prone spreadsheets that cause confusion and chaos. PropTech solutions like MRI Evolution have been designed to give you control and oversight over resources to stay efficient as well as helping you to stay compliant whilst ensuring you benefit from a full audit trail with date stamped activities.
2) Remote work focus
The rise in hybrid and remote work has dramatically impacted the sector. Properties are now incorporating remote working amenities to cater to the growing number of remote workers seeking convenient work-from-home solutions. These include dedicated workspaces within apartments or communal areas, boosting Wi-Fi capabilities, and adding amenities like coffee bars and printing stations.
3) Use of smaller apartment spaces as housing demand rises
There is a rising demand for affordable rental housing, this trend is driven by young professionals and those seeking urban living experiences without the high costs. Offering smaller, more cost-effective living spaces is one way in which the sector is adapting to meet these demands. These compact units are designed efficiently, making it easier for property managers to attract and retain tenants.
4) Renters are more environmentally conscious
Environmental sustainability is a growing priority among renters. The BTR sector is responding by adopting green practices and eco-friendly designs. This trend includes energy-efficient appliances, recycling programs, smart thermostats, and the use of renewable energy sources. These features not only attract environmentally conscious renters but also contribute to more sustainable operational expenses.
5) Community is a desired amenity
Residents are looking for more than just a place to live; they seek a sense of belonging and connection in their residential properties. To meet this demand, developers are focusing on community-building amenities. These include shared spaces like lounges, fitness centres, and outdoor communal areas.
Property managers are also meeting this trend by developing community engagement programmes which allow residents to interact and build relationships, enhancing their overall living experience. This is helping boost tenant satisfaction and retention rates in multifamily properties. Community engagement programmes can be facilitated through the use of solutions like MRI Engage.
6) Demand for diversity and inclusion
Diversity and inclusion are becoming key considerations in the sector. Properties are embracing designs and policies that cater to a diverse resident base. This includes accessible facilities for residents with disabilities, inclusive community events, and multicultural representation in marketing materials. By focusing on diversity and inclusion, organisations can create a welcoming and supportive environments for all residents.
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