05 Nov What Kind of Communities Lure Today’s Renters?
Builders may view attracting today’s eco-friendly young renters as expensive and annoying, but the payoffs are becoming more evident every day.
By being greener, operating costs can be lowered and rents can be raised with more convenient, walkable spaces for renters.
Renters are looking for communities where necessities are close to their fingertips–not just close to transportation. Some of the most coveted communities are those that include shopping centers and are just steps to dining and nightlife options.
With the popularity of green biking options, a community with cycling options available for renters will be well received.
According to Multifamily Executive, a new community in St. Pete called Tortuga Pointe touts lower operating costs thanks to its 87 percent efficiency. The building was created without hallways, maintaining surface parking on 40 units per acre. Having no concrete garage saved builders $3 million in development, and they were able to knock off 22 percent of its square footage.
The walkability of sustainable developements typically offer a $301 month rent premium, panelists said, versus non-centrally located communities.
What changes do you see in the market when it comes to attracting Gen Y, eco-friendly renters?