The worlds of hospitality and multifamily are becoming more intertwined. Multifamily owners are incorporating more amenities and services into properties to drive occupancy and rents. Today, people are renting later into life and want a high-end living experience. These services include concierge services, furnished units and short-term rentals.
“The labor market and America’s workforce is still in recovery mode. As such, more people continue to rent than buy and many renters prefer to live close to a metropolitan area,” Gidi Cohen, founder and CEO of CGI Strategies, tells GlobeSt.com. “Many current renters were once homeowners affected by the Recession and these discerning tenants are used to a certain neighborhood lifestyle that exists beyond apartment walls. Getting to know their neighbors, enjoying a neighborhood park, cafe or movie theatre are all vital parts of suburban life. Where multifamily developments were once nothing more than isolated apartments, today they are seen as vertical neighborhoods, bringing suburbia to the city.”
By: Kelsi Maree Borland
Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.