Multifamily developments continue to be in high demand across the United States, due to current economic conditions and shifting demographics. Particularly appealing for millennials and baby boomers downsizing from single-family homes, the trends for these communities are driven by the tenants themselves.
One of the major trends in multifamily development demonstrates a shift toward more urban-living conveniences. Multifamily now often incorporates mixed-use elements to offer residents shopping and dining options within walking distance. Developers are also paying attention to proximity to local transit, constructing these communities near public transportation stops to provide tenants with a more urban lifestyle. Staying on top of these trends and delivering what is highly sought-after is vital. One of McCormick Construction’s current multifamily projects, Evolution Warner Center, is located in LA’s Warner Center region, where transit-oriented development, walkability and sustainability are emphasized. The new development, which is under construction, is a one-block-walk from the city’s Orange Line, giving residents greater mobility, while reducing carbon emissions.
Custom amenities are another trend in multifamily developments. While offerings vary, reflecting the needs and wants of the region, some of the latest trending amenities include bike repair stations, pet salons and expanded fitness centers.
Instead of opting for a room with a few treadmills and some weights, many developers are instead offering a space where tenants can gather and socialize, incorporating classes for yoga, aerobics and kickboxing. Set for completion early next year, McCormick’s Talaria At Burbank project puts this concept into practice offering its future tenants amenities galore, including specialty services like dry cleaning and wine storage, in addition to private spa facilities and a business center.
This leads into another important aspect of multifamily: The effect it has on the economy. Located in the heart of the media district in Burbank, CA, Talaria At Burbank is surrounded by several entertainment studio lots, including Warner Brothers, Universal and Disney. A large portion of Burbank’s economy is driven by the entertainment industry, with the majority of employees commuting to work each day. Once complete, Talaria will provide housing options for those working at nearby studios, while bolstering the economy, as tax and retail dollars follow these new developments along with new jobs.
Homeownership levels are lower than they have been in 50 years, which is causing the demand for multifamily housing to increase exponentially across the country. And, with more millennials seeking housing options than ever before, renting is an extremely appealing option as it provides greater flexibility and affordability as well as enhanced services and amenities — all within a more desirable location. While the American Dream might once have been to own a home, it has now evolved into the desire for greater experiences, communal spaces and hospitality-like amenities that come with today’s multifamily developments.