Millenials are doing things differently than older generations, including the way they want to live. This creates a tremendous opportunity for real estate developers to meet these needs. You can find examples in the work of Steven Taylor Taylor Equities. What should developers be looking to include in their future projects?
Everyone wants ease of access to shops and restaurants, and what’s better than finding them down at the bottom of the elevator? Constructing buildings with commercial space on the first floor, otherwise known as mixed use development, allows for a wide array of restaurants, gyms, shops and entertainment to move in and act as a draw for new renters. You’ll also be able to collect that commercial revenue. You can amplify this by creating a membership program for residents connecting them to these businesses.
If you dedicate certain buildings to office space you could be creating a solid loop of reliably employed residents. People will be drawn to the short commute, and you may even be able to set up a deal with whatever company rents from you for employee housing contracts. You will not only be collecting commercial rent from the company, but you will be setting yourself up with an additional avenue for recruiting renters for your residential spaces.
It is recommended to open up your space to the public, rather than secure it with a gate. This will create a more urban feel in your complex, and draws in extra customers for commercial spaces, making those locations more appealing to potential commercial renters. It also acts as free advertising for residential units. Think of the project more as a town-center than an apartment complex.
All-inclusive living is the next wave of residential development. It also creates more paths to create revenue. If you are a real estate developer, don’t miss out on this lucrative trend.