Apartment living was once thought of as a time of transition. Young people, fresh out of their teens and just setting off in the world, lived in apartments or rented condominiums during that transition time when they moved out of their parents’ house and pooled resources with a couple friends to find a cheap place to live. For young professionals, apartments were temporary as they moved to new cities to pursue their careers. As people got older, the expectation was they would find a house and leave apartment living for the younger set. That’s not the case anymore.
“We’re seeing a much higher percentage of renters by choice, people who could afford a home and baby boomers who choose to rent,” said Chapin Bell, president and CEO at P.B. Bell. “As a result, we need to cater to the desires off that resident profile.”
Renters by choice want the full meal with all of the trimmings, but they don’t want to cook it and today’s modern multifamily complex delivers a very full plate of amenities for those renters.
“Multifamily residents want interiors with large, open spaces and outdoor areas with more open spaces,” said John Carlson, president at Mark-Taylor, one of the largest multifamily housing developers and managers in Arizona. “Dog parks, barbecues and outdoor recreational areas are areas we see a significant amount of use by residents.”
Inside today’s apartment or condo is much different than the product of the 1980s and 1990s. Open floor plans are industry standard, along with finishes that were once considered high-end but now come with the basic package.
“With the new product, the standard in-unit amenities are granite or quartz countertops, tile backsplashes in the kitchen, upgraded appliance packages, including washer and dryer in the unit, that’s a typical package,” said Bell, whose company has been developing and managing multifamily projects in the Valley for more than 40 years. “Floor-to-ceiling tile in the bath, hard-surface flooring, upgraded lighting… that’s how they are being finished today.”
Another perk of living in a modern multi-family community is they are trying to keep up with the latest technology. Carlson says that his company has seen the value in providing access to reliable technology.
“While we always strive to have the latest technology in our communities, we balance this with the fact that new technology is always fleeting,” Carlson said. “We’ve found over the years that reliable internet/wi-fi and cable is what attracts and keeps the most residents.”
While inside the units is improving, outside is where the biggest changes are occurring. New facilities in the Valley look more like resorts than apartment or condominium complexes. Bell said that in the past, a 20-foot by 20-foot room with a couple treadmills and a few weights would suffice for a fitness room. Today, walk into a fitness room in an apartment complex and you’ll think you are in an upscale health club.
“We are seeing that our residents gravitate toward amenities like larger fitness and exercise facilities with modern equipment,” said Carlson. “We have found these kinds of amenities to be the most used, successful and create better retention in our communities.”
These fitness rooms are larger and offer more workout options, from treadmills, to elliptical trainers to spin classes or fitness on-demand classes. Bell said that the on-demand service offers hundreds of workouts that residents can access through a touch-screen kiosk and follow the workout on a large-screen monitor.
“They can choose different workouts, whether its yoga or spin or Zumba, they have those options,” Bell said.
After a hard workout, residents need a place to cool down, relax or socialize and the complex common areas have grown up in the last decade.
The swimming pools at new communities are larger, with cabanas or outdoor kitchens. Complexes also have areas for outdoor gatherings that include bocce ball courts, outdoor ping pong tables and pool tables.
“You’re creating resident entertainment areas where these types of things are being provided and you’re creating a backyard space for your residents because today’s residents want that,” Bell said. “Millennials are spending more time at home.”
Other amenities that are gaining in popularity with the new rental tenant are lounge areas that can open to the outdoors, bike storage and repair facilities, recycling programs and theater rooms residents can reserve.
Security measures are also improving, with onsite security personnel and package delivery lockers to limit theft of the ever-growing number of packages delivered to residents.
“One of the most important factors our residents consider when moving into our communities is security,” said Carlson. “They want gated communities, onsite security and ongoing safety measures to give them and their families peace of mind. All of our community developments take this priority into consideration and it is an ongoing focus in all of our properties.”
In high-rise complexes, residents are drawn to amenities like rooftop lounges or pools that give them a view of the landscape around them, a free amenity for Arizona residents.
“When you’ve got a higher density product and you’re building a rooftop resident area that generally has TVs and outdoor kitchens and a lounge area that people can go to and watch the sunsets and entertain,” Bell said. “You have great views and those are great amenities that residents really like.”