multifamily trends in minneapolis
TRANSCRIPT
Multifamily In MinneapolisPast, Present & Future
what's hip or popular at a certain point in time
Some trends are fun, some fabulous, some appalling, but however long they last, you can be sure there will always be a new trend coming along to replace the old.
Trend
• Rentals in Uptown
• Condos Downtown
Past:Limited Amenities & Location
Rentals in Uptown Minneapolis | Past Trends
• Lakes, local amenities, arts & culture were appealing
• Few building amenities
• Small, closed off kitchens
• 8-foot ceilings
Luxury Condos in Downtown Minneapolis | Past Trends
The Carlyle
• 39 stories
• 255 condo units
• Luxury amenities• pool, fitness center, yoga room,
wine room & more
Luxury Condos in Downtown Minneapolis | Past Trends
Grant Park
• High-rise condo with high amenities• indoor pool & hot tub, health
club, guest suites & more
• Luxury finishes• granite, wood floors & heated
underground parking
Present:Super Graphics Meet Luxury Amenities & Sustainability
Super Graphics | Present Trends
• Wonderful, artistic statements on a budget
• Printing capabilities on any type of substrate
• Customizable to express specific moods
Super Graphics | Present Trends
The Nic on Fifth™
• Shield logo used to promote branding
• Floor numbers in the elevator lobby
Luxury Amenities For Renters | Present Trends
Amenities have become the deciding factor for renters with resort-style living experiences the norm.
• 24/7 fitness centers• 24-hour concierge service• Community club rooms• Dog parks & wash stations • Bike shops & storage • Outdoor pool decks, spas, fire pits & grilling stations• Community gardens
Sustainability | Present Trends
Many developers are designing with sustainability in mind.
At The Nic on Fifth luxurious living is synonymous with sustainable living.
• Transit-oriented development• Bicycle-friendly environment• Enclosed parking with a green roof• Daylight optimized from residences• Natural landscaping & indigenous
plants • Reduction in water consumption • Smoke-free environment• Efficient heating & cooling systems • Recycled & recyclable construction
materials used • Resident recycling & educational
programming
Future:Who Will Rent & What Will Trend
• 2009-2013: demand was greater than supply
• 2014: supply began to outpace demand
• Concern of oversaturation is beginning but investors continue to favor Minneapolis
• Continues to see strong demand & increased rents
• Unemployment remains below the U.S. average
• Top city for job seekers
• Vacancy rates remain low
Demand for Multifamily | Future Trends
Renters by Generation | Future Trends
BABY BOOMERS & EMPTY NESTERS GENERATION X
MILLENIALSGENERATION Z
• Empty Nesters/Baby Boomers (1946 –1964): shifting towards renting instead of owning
• Generation X (1965 –1980): predominantly homeowners
• Millennials (1980 –2000): not yet ready to own
• Generation Z (2000 –today): technology natives will be the most technologically &socially advanced of all generations
Stay Connected
Questions?
CHRISTY LEWISDirector, Business DevelopmentOpus Design Build, L.L.C.
[email protected] | @ChristyOPUS
For more, read our Multifamily Trends in Minneapolis blog post series or visit our website.