Multifamily Industry Trends Beyond Summer 2023

The multifamily industry is constantly evolving, and what residents expect from their communities is no different. In 2023, we can expect to see even more trends emerge that will make multifamily living more convenient, flexible, healthy, and sustainable.

As we continue into the second half of 2023, the multifamily industry is poised for a continued post-pandemic evolution. Residents are seeking even more options and amenities from their multifamily communities, making this form of living increasingly attractive.

To meet the demands of today's residents and ensure a better resident experience in the years to come, it is essential for property managers and developers to stay ahead of the curve. In this article, Elevated Living will explore the top five trends that are set to shape the multifamily industry in 2023 and beyond.

Convenience: A Key Priority for Residents

In an era of online shopping and increasing package deliveries, convenience has become a paramount concern for multifamily residents. With the rise of e-commerce, residents require safe and secure spaces to receive their packages. To address this need, many multifamily dwellings have already implemented onsite delivery rooms and same-day delivery services for their residents.

In 2023, we can expect to see an even greater emphasis on convenience with the integration of smart home technologies. These technologies, such as water-saving systems and smart thermostats, not only enhance convenience but also help residents avoid the inconvenience and expense of maintenance and repairs.

Residents are looking for more convenience in all aspects of their lives, and multifamily communities are responding by offering a variety of amenities that make everyday living easier.

Some of the most popular convenience-focused amenities include:

• Onsite package delivery
• In-home services
• Smart home technology
• Curated community app

Flexibility: Supporting the Evolving Work-Lifestyle

As remote work becomes increasingly prevalent, residents are seeking flexible living environments that cater to their evolving work-lifestyle. Multifamily communities in 2023 will prioritize the provision of work-friendly spaces, flexible floor plans, and amenities such as quiet and private meeting rooms and co-working spaces.

The ability to work from home, even part-time, has become a deciding factor for many individuals when choosing a place to live. Consequently, leasing terms are becoming more flexible to accommodate residents who may prefer shorter-term stays or the freedom to relocate as needed.

The way we work is changing, and multifamily communities are adapting to meet the needs of a workforce that is increasingly mobile. Some of the ways that multifamily communities are offering more flexibility include:

• Work-friendly spaces
• Flexible leasing terms
• Short-term rentals
• Co-living spaces

Health and Wellness Services: A Holistic Approach

Health and wellness have gained significant importance in recent years, and multifamily residences are following suit. Fitness centers equipped with personal trainers and exercise classes have become commonplace, and we can expect to see an expansion of such offerings in 2023.

Additionally, multifamily communities will likely incorporate health-focused amenities like juice bars, virtual healthcare access, onsite vegetable gardens, and community kitchens that offer prepared meals and cooking demonstrations.

By embracing a holistic approach to health and wellness, multifamily properties can provide residents with a well-rounded living experience. By offering residents a curated resident app from Elevated Living, options like personal training, group fitness classes, and massage are available onsite in every multifamily community.

Residents are becoming more health-conscious, and multifamily communities are responding by offering a variety of health and wellness amenities. Some of the most popular health and wellness amenities include:

• Fitness centers
• Personal trainers
• Onsite vegetable gardens
• Community kitchens
• Juice bars
• Virtual healthcare access

Sustainable Living: A Focus on Environmental Responsibility

Sustainability is no longer a mere buzzword; it has become a fundamental expectation among residents. Multifamily communities in 2023 will be increasingly committed to sustainable practices, including recycling initiatives, energy-efficient appliances, and other environmentally conscious features. Residents are actively seeking buildings with healthy air certifications and improved air quality.

By embracing sustainable living practices and fostering a sense of environmental responsibility, multifamily communities can appeal to the growing eco-conscious demographic. Moreover, the sharing economy is gaining traction, with residents showing interest in communal use of expensive items like e-bikes, sports and recreation equipment, and musical instruments. These features can help to reduce a community's environmental impact and save residents money on their utility bills.

Residents are increasingly concerned about the environment, and multifamily communities are responding by offering more sustainable amenities, such as Elevated Living's onsite options for pet, spa, and concierge services. Some of the most popular sustainable amenities include:

• Virtual concierge options
• Onsite services
• Recycling
• Energy-efficient appliances
• Green building materials
• Water-saving fixtures
• Solar panels

Artificial Intelligence: Enhancing Efficiency and Living Experiences

Artificial Intelligence (AI) is poised to revolutionize multifamily property management in the coming years. While virtual assistants have already become common, we can expect to see AI-powered devices taking on specialized roles in 2023 and beyond. AI technology offers improved efficiency, cost reduction, and enhanced living experiences.

From automated maintenance and repairs to personalized resident recommendations and predictive analytics for property management, AI has the potential to transform multifamily communities. Property managers and developers should explore how AI can be integrated into their operations to future-proof their communities.

To increase efficiency, streamline operations, and provide residents with a better experience, property teams have plenty of opportunity for improvement. Using mobile apps like Elevated Living's platform allows residents to pay rent, submit maintenance requests, and access community amenities all at the touch of a button.

AI is rapidly changing the world, and multifamily communities are no exception. AI is being used in a variety of ways to improve the resident experience, such as:

• Virtual assistants that can answer questions and make reservations
• Smart home technology that can control things like thermostats and lights
• AI-powered security systems that can detect and deter crime

Multifamily Industry Trends Beyond 2023

From prioritizing convenience and flexibility to embracing health and wellness services, sustainable living, and artificial intelligence, the multifamily industry is poised to meet the demands of the future. Elevated Living is here to help build on these trends with a bespoke platform curated just for your multifamily community. By embracing these trends, multifamily communities can adapt, thrive, and remain at the forefront of the industry in the years to come.