CREATING SPACES THAT FEEL LIKE HOME

Renting has become more affordable than buying, and residents want to make every dollar count. In-unit amenities are no longer the sole deciding factor when choosing a new home. Now more than ever residents are focused on the experiences and connections they can find beyond their front doors.

It’s been nearly 5 years since COVID-19 disrupted daily life, but some of those emergency adjustments to our routines have reshaped what home means for renters.

Location & Amenity Demands 

As new supply increases, renters have more options. According to RealPage and HUD, as many as 589,000 units were opened in 2024, the highest number in 50 years. With inventory at record levels, developers and operators must stay on top of evolving renter preferences to remain competitive in a frenzied rental market.

Today’s renters are increasingly looking for places to build community. Proximity to nearby retail, parks and leisure activities can be a powerful attraction, fostering a healthy lifestyle and convenience. Amenities such as co-working spaces, fitness centers and lounges can facilitate a social environment for new renters to make connections.

For suburban developments, strategic location remains key. Properties situated in top-rated school districts and along major interchanges or highway corridors appeal to families and commuters, offering accessibility with a central location.

Outdoor Spaces: From Balconies to Courtyards

Among the many lasting effects of the pandemic is the appreciation of outdoor spaces. Escaping for some fresh air was one of the few simple joys some could experience during the months spent in quarantine and isolation. 

Balconies are now a common feature of multi-family units, offering residents a private outdoor space. Rooftop amenity levels with access to a shared outdoor patio can also be an elevated escape, with opportunities to meet new neighbors, host private events and enjoy community together events.

Outdoor spaces such as courtyards, seating and dining areas, walking trails, bike paths and access to public parks give residents a variety of options to spend time outside, stay active and engage with their broader community.

Pets are Residents Too

There’s been a notable rise in demand for pet-friendly areas that can be attributed to the surge in pet ownership during and after the pandemic.

Dog parks and pet-washing stations can create a welcoming environment for residents who are concerned about not only their own well-being but the healthiness of their four-legged friends.

When it comes to being competitive in today’s rental market, developers must anticipate needs a renter may not even consider. Some high-end developments even offer partnerships with pet-sitting services or exclusive discounts, allowing residents to go about their day with peace of mind, knowing their pets are cared for.

Working From Home vs. Working From Shared Spaces

Hybrid and work-from-home environments continue to be prevalent despite increasing employer demands to bring people back to the office. Unit layouts that are supportive of a working zone in addition to living, dining and sleeping are continuing to trend positively.

Co-working spaces, conference rooms, and private phone booths provide flexibility for a variety of work styles, replicating the functionality of a traditional office. These spaces also combat feelings of isolation and fatigue that fully remote and hybrid workers may encounter, as well as provide a healthy separation between their work and home life.

Designing Better Spaces to Encourage Better Ways of Living

The demand for spaces that foster community continues to grow as residents across generations seek more meaningful social interactions.

As high mortgages and interest rates steer people away from homeownership, it’s paramount that developers offer thoughtful spaces that balance privacy as well as opportunities for shared experiences and authentic connections for the new wave of renters.