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04/21/2019

Popular Luxury Features in the Multifamily Market

Find out what amenities are attracting buyers and renters to high-end condominiums, townhomes, and apartments.

As the workforce shifts more to home office telecommuting, these individuals are looking for high-end conveniences at home through renting amenity-rich luxury properties.

Outdoor living: For city dwellers, this can be a highly sought amenity. Rooftops in big high-rises have been transformed to include comfortable seating, sound systems, big-screen TVs, fire pits, BBQ facilities, cabanas, and even community gardens, all to help promote socializing. Outdoor terraces in condos and backyards in single-family homes feature outdoor living spaces that act as an extension of the home, including elaborate kitchens, seating areas, recreational spaces, and more for entertaining.

Sustainable commuting options: Whether it’s secure bicycle storage, repair stations, and maintained pathways or car-sharing services, luxury condo properties can step it up when it comes to alternative transportation. In fact, some luxury apartments offer their own car-sharing service among tenants who want a car for weekend trips, vacations, or a special occasion.

Keeping connected: Some multifamily buildings are going beyond one or two lonely computers in a business center, opting instead for an internet cafe for residents with a full espresso bar. These onsite coffee shops are convenient for tenants who want to fuel up while getting work done and also provide a place to socialize. Some communities extend their cafe offerings to include wine and beer cocktail hours for residents, similar to hotel services. From a connected technology standpoint, builders are beginning to incorporate smart-home systems that allow residents app-based, mobile control of appliances, temperature, lighting, blinds, watering systems, entertainment, and more.

Over-the top ideas: Community recreation rooms have gone one step further at luxury apartments to include full-service media rooms with big screens, comfy seating, private screenings, and movie theater–style snacks for tenants. But some high-end apartments don’t stop there, giving people a hotel-style experience, with the ability to reserve a furnished suite for visiting overnight guests and take advantage of an on-site concierge to schedule appointments, plan personal events, shop, and even run errands for tenants.

According to John Caulfield of Building Design + Construction, developers are seeing more of these luxury amenities in multifamily housing construction: child care services, cooking classes, dry cleaning and laundry services, package delivery management, personal shoppers, pet grooming, rock-climbing walls, a spa or massage center, a community wine cellar, and yoga, aerobics, and wellness classes for tenants.

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Lux Advisors Sales | Property Management
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