Demand for apartment rentals was up 21% in 2012 according to an ASID report.  Rental market is high in demand and will continue for the next 5-10 years.
Several points of interest in this market are:
  

• Location - Especially seen in urban growth
• Modern amenities such as stainless appliances, granite countertops
• Stylish kitchens and bathrooms
• More storage in the unit
• Added "pops" of color accents in wall paints in new colors such as raspberry, yellow, blue gray
• Young adult market is willing to pay pet rent - $25-$50 per month (major selling point!)
• There is a new appeal of renting vs. owning because of no growth in real estate over the past 10 years.
• Interest in sustainability:  Bike parking, plug ins for electric cars, efficiency in utilities and appliances, green materials such as adhesives, paints and flooring.
• Gen Y are the new market to appeal to

There is a caution of overbuilding and oversupply in this market and it appears to possibly overpriced.

Thanks to funding from WHEDA in Wisconsin, there are beautiful, affordable multi family facilities popping up!  I've had the opportunity to design a variety of multi family interiors.

One current trend is the re-purposing of older school buildings.  A recent project was actually funded additionally by the historical society in the Milwaukee area.  We kept the old school lockers - using the original yellow paint color.  The school's display cases show off old memorabilia -  trophies, books, uniforms and musical instruments from the past.  The apartments are beautiful with full height windows and maple restored wood floors.

Another trend is to have a community room (required by WHEDA) with seating, TV, games, table/chairs and kitchen available for entertaining and events.  There is a business center that provides access for all ages to use internet.

Finally another trend that is essential to our future - Applicants are encouraged to use WI Green Built Home Certification for points.  Public transportation gains points as well as adaptive re-use.

What a joy it has been to work on these green, adaptive re-use projects!

I recently found this term, "gray tsunami" used in senior housing articles.  Evidently the term refers to the baby boomers taking the senior housing industry by storm!  Into a new era!  Increased demand for services and healthcare provisions.

Here is what (we) baby boomers will be wanting in their senior facilities:

• Hotel and resort atmosphere
• Restaurants with options, such as gourmet dining
• Coffee shops and internet cafes
• Fitness Centers
• Spas
• Activities such as yoga, tai chi and happy hours!

We will want an experience, not just a place to live.  We want the spaces to be comfortable and not full of medical equipment.  We want to grow old gracefully and try to ignore that we ARE growing old!

Developers, architects, interior designers and facility managers - Be prepared, here comes the Gray Tsunami!!