Panelists speaking at the recent 2017 Marcus & Millichap Multifamily Forum in Dallas acknowledged that the apartment sector’s focus on delivering high-tech amenities is alluring, but most advised “keeping a finger on the human pulse” when considering what amenities to pursue in the future.
The general consensus was the expense and implementation of smart technology can lose its luster compared to a hands-on environment that promotes the resident experience. The session was one of several for apartment developers, owner/operators, investors and multifamily industry experts to share their thoughts on where the industry is headed.
Such hot topics as autonomous vehicles and in-apartment package delivery were discussed. So, too, were concierge services that enhance the resident experience and activities that promote a sense of community. Alpha-Barnes Principal Hugh Cobb said the trend is designing “smaller, catchy apartments” that are smart—a preference of Millennials—while, at the same time, establishing a culture that maintains focus on resident interaction. Among the catchy smart features he and others are testing are motion sensors that turn on appliances and lighting when the resident walks nearby.
Most panelists advise not to forget man’s best friend. Dogs and other pets were actually a recurring theme that panelists circled back to more than once. Pinnacle Regional Vice President Toni Rials stated, “People want units that are pet friendly with built-in space for them instead of crates.” While most concurred that dog parks are a good investment, United Renovations founder Steven Bolos said there are downsides to the pet-friendly areas aimed at attracting and retaining renters who own dogs. The wear and tear of big grassy areas for pets to do their thing can eventually be unappealing, and synthetic surfaces aren’t always the solution due to the eventual smell. Pinnacle is looking at such outdated amenities as tennis courts and upgrading them with features like dog parks and grilling areas.
Some panelists also said their properties were repurposing laundry rooms. Bolos concluded that the perfect resident experience is all about finding the right balance of technology designed for self-sufficiency while offering attractive interactive opportunities to get residents out of the unit and mingling with neighbors and staff members.
Add Comment