What are the biggest multifamily trends and renter priorities in 2024? Going into the new year, apartment owners and operators are exploring new approaches — and continuing tried-and-true classics — to meet the demands of renters in a tight market. From amenities to technology, here are the top trends shaping apartment communities in the new year.
1. High-tech amenities
In a digital world with smartphones and constant connectivity, renters expect their apartments to be plugged in, too. Tech-savvy renters are looking for high-tech apartments. From smart locks to connected kitchen appliances, smart tech integration is a top trend for 2024. And as more renters opt for electric vehicles, an onsite EV charging station can help set you your property apart from the competition.
With hybrid the dominant work model, 30 percent of renters in the latest Apartments.com survey reported being fully remote or working from home part of the week. To support these renters’ need for connectivity — plus the demand from renters looking to stream their favorite shows and movies after work, high-speed internet is becoming a hot apartment amenity.
2. Leasing efficiency
Facing inflation and a slowdown in rent growth, the need for increased efficiency in the leasing process has grown ever more urgent. 2024 will see an acceleration of leasing centralization, at the same time as renter search timelines have shortened.
Leasing teams will be doing more with less, while still meeting the needs of future and current residents. This underscores the need for effective tools and strategies to help hit leasing goals without sacrificing customer experience.
Read more: Centralizing Leasing Operations? Here’s How to Reach Renters
3. Greater visibility
Renters want an increasing level of visibility into their next apartment home. From apartment-specific descriptions to photos of the unit in question, unit-level details are moving from nice-to-have to essential. In the recent renter survey by Apartments.com, 99 percent of renters said they wanted to see unit-specific information in listings.
And this extends to price as well. With affordability their top consideration, today’s renters expect to see pricing information clearly displayed, including all fees associated with the available unit, from utilities to pet rent.
4. Pickleball
Move over, fitness centers — it’s pickleball’s time to shine. This paddle sport has taken the nation by storm, sweeping across the country’s cities and suburbs. A unique sport that combines elements of tennis, badminton, and ping-pong, pickleball is attracting players of all ages and skill levels.
For the first time, pickleball surpassed tennis in 2023, based on data from a recent Apple Heart and Movement Study. The number of pickleball courts have been growing, with over 44,000 place to play, as of January 2023 numbers from USA Pickleball (PDF). And renters are willing to pay more for access to amenities like pickleball courts, according to the NHMC survey.
The nation’s fastest-growing sport is on track for continued growth in 2024, with renter demand for sports courts and outdoor space outpacing supply. Since pickleball requires less space than tennis, multifamily communities that modify their tennis courts for pickleball use can accommodate more players at a time, supporting up to four pickleball courts per tennis court.
5. AI integration
After a meteoric rise in 2023, the use of artificial intelligence within property management is on track to expand further in 2024. From community websites to rent collection and resident communications, the assistance of AI is a key trend, boosting efficiency and highlighting the future of property technology.
Read more: How and Why an AI Leasing Assistant Can Help You
6. Wellness and sustainability
Renters are increasingly seeking greener, healthier lifestyles. From meditation spaces to cooperative gardens, renters are looking for apartment communities that prioritize individual and environmental wellbeing. Hot amenities for 2024 include yoga studios, bike lending programs, and increased green space.
Sustainability is a growing expectation. Nearly 60 percent of respondents in the NHMC survey said building and sustainability certification would positively influence their rental leasing decision, and 62 percent indicated the same for a Healthy Building certification. This is an opportunity for apartment communities to not only highlight these certifications but also spotlight amenities like energy-efficient appliances, recycling, composting, and solar panels.
Developers, too, have been exploring more sustainable approaches to multifamily, with an eye to repurposing existing buildings. The boom in office-to-multifamily conversion is expected to continue into 2024, as will the adaptation of other structures, like industrial buildings, into apartments.
Even at an aesthetic level, green is in for 2024. From exteriors to staged apartments, renters are looking for properties with eco-friendly materials and a natural look — such as an abundance of wood, plants, and green finishes. In its color report for 2024, paint manufacturer Sherwin-Williams highlighted blues and greens in “organic, calming yet invigorating” hues.
7. Neighborhood connections
Beyond their apartment community, renters are seeking opportunities to plug into the local neighborhood. After the social distancing and lockdowns of the pandemic, renters have been increasingly prioritizing meaningful connections in their local community. Walkability, access to green spaces, and proximity to retail and transit reign supreme. From retail and shopping to dining and entertainment, renters want to know about everything their new neighborhood has to offer.
Multifamily operators can hop on this trend by highlighting their neighborhoods in their listings. Is there a park nearby? What about a grocery store down the street? For existing residents, property managers should consider organizing resident events that support the local community, from volunteering at a local shelter to venturing out to the neighborhood ice rink for ice-skating party.
Read more: Which are the 10 most popular neighborhoods for renters?
8. Enhanced security
As concern about crime has risen nationwide to a three-decade high, it’s no surprise that renter demand for safety and security is up. Second only to affordability, safety and security was renters’ top consideration when selecting an apartment, in the latest renter survey by Apartments.com.
What can apartment operators do to meet renters’ needs for security? Technological solutions are growing in popularity, from keyless smart locks, biometric-based security systems, and smart security alarm systems. The latter saw 67 percent interest in the NHMC survey. Highlighting low community crime ratings can also help — as can a strong relationship with local police. Even simple measures like installing security cameras, expanding outdoor lighting, and maintaining fencing and gates can go a long way in improving security for your residents.
This increased demand for security measures doesn’t just pertain to residents’ personal safety. The multifamily industry has also seen a rise in the popularity of new approaches to mail safety, from smart package storage rooms to app-based package management.
9. Virtual tools and leasing
No longer a temporary workaround, virtual touring is here to stay. One-third of renters are likely to sign a lease sight unseen, according to the latest Apartments.com survey. From 3D tours to remote tours with an agent, virtual tools are an essential part of the leasing process and will continue to offer renters a convenient and accessible way to explore their next apartment home.
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