Part 2 of 2

SAN FRANCISCO—“Everyone needs to start thinking about the babies of Millennials and how they will impact the communities you are building and developing.” That is the next big trend to watch out for when looking at amenities for small spaces, according to panelists at PCBC.

Tim Mustard, a principal at TCA Architects, noted that “urban families don't want to move out of the city.” One thing he is seeing in these urban multifamily property is that the urban families are joining together and forming communities. “You have start thinking about how you plan for that in a building profile.”

Brian Fritz, SVP of development at Avalon Bay Communities Inc., explained that as renting is becoming more and more of a viable and preferable option, more and more Millenials who are getting married are starting to have babies and don't want to leave. “In some areas, where there have been larger populations of young kids, we have created a kid room at the property,” explained Fritz. “It wasn't particularly a pre-thought amenity, but was more a reaction… to give them a place to gather; give them something to climb on; some video that keeps them busy if need be; and a place for the parents to congregate.”

He explained that the kids' room has “absolutely been a selling point,” adding that the sales team has actually sealed more leases because of that kids room than any other amenity at that particular property.  

According to moderator Kimberly Byrum, SVP of advisory at Meyer Research, as spaces inside the units have gotten smaller, pushing residents outside the unit, developers have really had to up their outside amenities.

The key, according to Mustard, is all the spaces in between their unit and outside. “The amenity spaces have become more than a park bench and some grass… We have seen amenities take an emphasis on quality and function.”

Fritz pointed out that one of the things in their product is that “the days of your traditional manager office is gone...once the day is done, the space goes back to the residents.”

The question Ben Broussau, VP of real estate investments at Camden Property Trust, is addressing a lot these days is “how to bring the building alive and make it more than brick and mortar.”

He said it must be vibrant. And one of the ways to do that is by nailing the common area amenity space. “One of the common amenities residents want most is hosted events. You can't have it feel like a stuffy apartment complex…It is about all of the soft things, the intangible things…building off of the common space amenities.”

The other piece of the puzzle, Fritz added, is technology. “If you aren't with the latest integration of WiFi and you aren't providing the latest and greatest, you might as well just shut your doors.”

When looking at the exterior of a building, Mustard noted that the architecture has changed a lot. “It is more dynamic, bolder, and rich,” he said. “It attracts the 'I want' generation as opposed to the 'I need' generation.”