The multifamily housing market felt the effects of the pandemic throughout 2020 and early 2021, thanks mainly due to the mass movement of Americans out of urban city centers and into the suburbs. But the market experienced a rebound in late 2021 and is expected to continue to grow and change in 2022. Below you’ll find the trends that experts predict you need to watch out for in the coming year.
Continued Focus on Health and Wellness
The emphasis on health and wellness extends from the residents to the properties themselves. While residents continue to be eager for ways to improve their physical and mental health through on-site amenities like gyms and group fitness classes, apartment buildings are also working to put changes in place. These include additions like air filtration systems and building certifications like LEED and WELL that create a healthier environment for residents.
More Affordable Housing Initiatives
Programs like eviction moratoriums and rent freezes for the better part of the last two years meant that the creation of new housing was stagnated. But now that these programs are over, experts are predicting that new housing options will start to grow again, many of which will be housing alternatives that will be affordable for the folks who need to take advantage of those programs.
Occupancy Rate Increases
At the pandemic’s beginning, many city dwellers, especially those living in apartments, moved away from cities and out into the suburbs. Now that vaccination rates have climbed in metropolitan areas, folks are moving back—which means that empty apartments are disappearing faster.
Influx of Younger Renters
Many people who decided to move out of cities during the pandemic were in older demographics and wanted to prioritize their health and/or that of their families. And many of them have also decided to stay in the suburbs. So now that occupancy rates are climbing again, they will do so thanks to an influx of younger renters (hello Gen-Z) and residents who are new to the cities, not just new to the properties.
Eyes on Inflation
Inflation has become a growing concern in the last six months, as it impacts every aspect of the economy. At this point, it’s not clear if this inflation growth will continue to grow or how it will impact multifamily housing, but it is definitely something properties should keep their eye on.
Power for Life Fitness can help you keep up with these trends while making your property an attractive destination for prospective residents. Contact us at email@example.com to learn more about how.