Corgan's Survey Insights Shape Future of Multifamily Living
Corgan's New Report on the Multifamily Housing Sector
Corgan, a leading global architecture and design firm, has made significant strides by unveiling its latest research report titled Residency Reshaped. This comprehensive study focuses on the evolving landscape of the multifamily housing market as it addresses the changing preferences of renters. As the world shifts toward hybrid work environments, affordability, and expectations about living spaces adapt accordingly.
Understanding Renters’ Needs
The Residency Reshaped report draws on extensive data collection, which includes insights from a survey involving 1,480 renters across six major markets in America. These markets are known for their dynamic housing developments: Atlanta, Austin, Dallas, Denver, Nashville, and Phoenix. With such diverse participation, the study aims to unveil critical gaps between what the industry perceives as important and what renters truly experience.
Changing Perspectives on Housing
In today’s fluctuating market, traditional notions regarding location, amenities, and design are being put under scrutiny. Corgan's report indicates that affordability and amenity relevance have now taken precedence over location when it comes to influencing renters' decisions.
Innovation in Amenities
Another vital finding of the report is the importance of innovation. Renters are increasingly looking for modern amenities like electric vehicle (EV) parking solutions and smart home technologies. This trend reflects a growing desire for accommodations that are equipped to handle future advancements in technology.
Rethinking Location and Community
The shifting mindset regarding location is clear: comfort, ample space, and a focus on wellness are now prioritized over mere proximity to bustling urban centers. This reflects a broader trend where renters are more concerned with their quality of life than the traditional allure of city living.
Engagement Through Community
Interestingly, the report also highlights the importance of community involvement. While many renters show indifference towards passive community amenities like recreation rooms or coworking spaces, they thrive on opportunities for engagement. Structured events, such as fitness classes or holiday celebrations, are more appealing and foster social connections among residents.
Bridging the Gap Between Industry and Renters
Corgan emphasizes the value of understanding what renters genuinely appreciate by moving beyond standard assumptions. According to Stephen Lohr, Multifamily Studio Leader at Corgan, this newfound understanding equips developers with the insights required to create spaces that attract and retain tenants. In the end, the firm aims to facilitate better living environments that resonate with today’s multifamily housing demands.
Valuable Insights for Developers
The methodology that contributed to the Residency Reshaped report involved a multi-faceted approach. By integrating secondary research, depth interviews with industry professionals, and extensive surveys, Corgan has created a thorough analysis that exposes contradictions in industry expectations and actual renter feedback.
This comprehensive research empowers developers and property managers to reassess strategies that enhance property appeal, foster community bonds, and improve tenant retention. A modernized understanding of renter expectations enables companies to evolve and meet the diverse needs of the rapidly changing market.
About Corgan
Corgan has established itself as an employee-owned architecture and design firm with a presence across 19 locations globally and a team of over 1,000 professionals. Ranked as the No. 4 architecture firm by Building Design + Construction, they cater to clients spanning various sectors, including aviation, education, health, and multifamily housing. Founded in 1938, Corgan's adaptability in design and foresight into market changes allow them to guide clients towards innovative, data-driven solutions. Their expertise helps mitigate risks while enhancing the longevity of architectural projects.
Frequently Asked Questions
What is Corgan's latest report about?
Corgan's latest report titled Residency Reshaped investigates evolving renter priorities in the multifamily housing market amidst changing social and economic conditions.
How many renters were surveyed in the research?
The study surveyed 1,480 renters across six key markets, offering a comprehensive understanding of their preferences and needs.
What are the primary drivers of renter decisions now?
Affordability and the relevance of amenities have surpassed location as the critical factors influencing renter decisions.
How does the report suggest improving community engagement?
The report indicates that renters prefer structured events over passive amenities, fostering community ties through organized activities.
Why is innovation important according to the report?
Innovation in amenities, such as EV parking and smart home solutions, is vital as renters are eager for future-oriented features in their living spaces.
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