IRVINE, CA—Experts say the multifamily market will continue to be strong as apartments have growing appeal for all ages and demographic groups. GlobeSt.com spoke with Nick Alicastro about some of the emerging trends in the multifamily space and what we can expect to see in this still-hot sector in 2015. The big trends? Large common areas, a sense of community and a host of modern amenities and services intended to meet every renter's need or want.

GlobeSt.com: As we approach 2015, what are the largest trends you see emerging within multifamily communities?

Alicastro: As we move into the new year, three of the largest trends we see emerging in multifamily communities are the implementation of larger common areas that focus on building a sense of community, the modernization of units and an increase in communities offering concierge services. As we all know, the 18-34 demographic is continuing to opt less for homeownership and more for renting. As a result of this trend, younger families are spending a significantly longer period of time in rental housing and are in turn seeking environments that build a sense of home and community.

In order to keep up with this growing demand, multifamily communities are now creating larger outdoor spaces that help to establish that added community connection these residents seek. New outdoor spaces include large gathering areas where residents can socialize, as well as bigger clubhouses, outdoor theaters, car-wash stations and dog parks, among many others.

The second major trend we're seeing is the modernizing of units, including upgrading units with more modern amenities, appliances and technological features. Many communities are implementing granite or granite-like countertops and hardwood or hardwood-like vinyl flooring, energy-efficient appliances and technological features such as wall outlets that include USB ports.

Lastly, we are seeing an increase in communities that are offering concierge services, especially among communities in very urban areas. These concierge services add an entirely new element of service to residents and can include services such as food delivery, dry cleaning, mailing, etc.

GlobeSt.com: What are the benefits that these emerging trends bring to owners and investors?

Alicastro: The continuous shift in resident demands creates several opportunities for owners and investors to increase revenue and positively impact their bottom line. For example, by creating communities with larger common areas that emphasize community interaction and build a sense of home, owners and investors help to create environments residents are less likely to want to leave. This can result in reduced turnover, with turnover rates often decreasing upwards of 10%.

In addition, by modernizing units, owners and investors can substantially reduce the ongoing maintenance costs for a community, while also allowing for increased rental income. For example, hardwood-like vinyl flooring can last twice as long as traditional carpet and also requires less maintenance, in turn reducing costs over time.

Finally, by offering the latest in concierge services, owners and investors are able to help drive traffic from new renters into a community, as well as create an opportunity for premium rents.

GlobeSt.com: How do multifamily communities prepare for the shift in customer demands?

Alicastro: One major aspect of preparing for the continual shift in resident demands is staying abreast of current and future industry trends. All owners and property managers should carefully watch the market to determine what new demands residents have and also what competitor communities are offering. By remaining ahead of the curve and adapting to these new trends early, multifamily communities are able to stay competitive in their market and ultimately maximize revenue, drive new resident traffic and ensure the longevity of a multifamily community.

GlobeSt.com: Has your firm begun to implement some of these latest trends among its communities?

Alicastro: We began to implement several of these new trends at the properties we manage a few years ago. Throughout our communities, we are placing a greater emphasis on creating spaces that encourage community interaction and build a sense of home for residents. To accomplish this, we've updated the outdoor spaces at many of our communities to include larger gathering spaces for residents as well as added outdoor amenities such as dog parks. We've also begun modernizing several of our communities to include the aforementioned upgraded-unit amenities, such as the hardwood-like vinyl flooring, USB-equipped outlets and energy-efficient appliances. By implementing these new community and unit amenities, we've seen an overall increase in rental income as well as a decrease in maintenance costs, which has helped to strengthen our clients' bottom lines.