Renter’s Top Priorities Drive Development Decisions

Twenty years ago, the average renter was young and single and free. Apartments were temporary housing for people who didn’t intend to stay. But today, joining the ranks of single apartment dwellers are young couples (some with children, some with pets) and empty nesters who don’t want the responsibility (or work) involved in home ownership. This new demographic of renters chooses apartment living for the lifestyle, not out of necessity. Owning a home is both expensive, as well as time consuming, and many have made the decision to spend their time and money in other ways like socializing, staying healthy, taking vacations, and going out more often.

Recent data compiled by the National Apartment Association (NAA) suggests a decline in home ownership and an uptick in apartment living. Based on current trends, the NAA projects a nearly $1.1 trillion demand for new apartment buildings by 2030 and a drop in U.S. homeownership by 8 percent or more. Blame it on a shift in priorities, a poor housing market, or a coming-of-age Gen-Y generation who prefers the freedom of renting and the amenities being offered by today’s multi-family homebuilders.

Milhaus, in their three most recent projects, demonstrates their willingness to give these renters what they expect from a top notch multi-family residential space. According to Apartment Guide.com the top considerations for prospective renters include shared social space, energy-efficient living, healthy living and green space, and connectivity, both physical and technological. “More” is the key word in the lifestyle equation. People moving into apartments simply want more for their money.

Being in the right place at the right time is not an accident. With the rising cost of gas prices, today’s renter wants to live, work and play, all in close proximity. Milhaus believes that location is everything and wants its residents to feel the same. Penn Circle apartments are located in the City of Carmel with easy access to employment, shopping and dining. The Indy Express commuter bus stop right across the street connects residents to downtown Indianapolis. Onsite multi-use paths lead to Carmel’s trail system where one can bike, run, or take an evening stroll with the family. Solana located on North Keystone Avenue is just a stone’s throw from 465, Keystone at the Crossing, the active social scene of Broad Ripple, and a mere 20 minute drive from downtown Indianapolis. Artistry is located in the heart of the city where employment, entertainment, shopping and dining options within walking distance eliminate the need to even own a car.

People want community, but don’t have the time to build the kinds of neighborhood relationships previous generations did with their bridge clubs, block parties, and progressive dinners. Today both parts of a couple generally work, so time is limited, but they still want to feel connected to their neighbors. Providing opportunities and amenities that promote social connectedness is essential to attract long-term renters. At Penn Circle, residents can enjoy summer evenings on the entertainment deck, complete with outdoor kitchen and living room with fire pit. Solana plans community events that take place in and around a resort-style pool and aqua lounge, relaxing sundecks, and an expansive clubhouse with outdoor TV and entertainment deck. Artistry, taking its cue from the swanky urban scene offers residents a different kind of social atmosphere: the apartment’s proximity to shopping, restaurants and public transit make it perfect for those who enjoy getting out on the town. The art gallery, cafe and lounge, along with private courtyard patios, interior courtyards with fountains, vegetable garden, bocce court, putting green, rooftop pool, aqua lounge, outdoor kitchen and sundeck with skyline views make socializing an everyday affair.

Active lifestyles are anything but easy with people’s busy schedules, so having on-site access to fitness and exercise tops the list of renter’s must-haves. Milhaus transforms yesterday’s clubhouse, pool and smelly “weightroom” into expansive spa-type settings where working out and taking care of oneself have nothing in common. For example, in addition to being able to roam Solana’s 55-acre tree-studded complex, residents also take advantage of a fitness trail, a personal wellness studio with yoga classes and a 30-acre lake for fishing, kayaking, boating and relaxation. Both Artistry and Penn Circle offer residents 24-hour wellness studios for keeping fit any time of day or night.

Making a home you own energy efficient is a lot harder than moving into one that is already LEED certified. Residents at Artistry will reap the rewards of lower utility bills and healthier living due to Milhaus’s hard work on this front. Nature-oriented residents feel right at home surrounded by Solana’s lake and wooded views. Penn Circle was constructed of eco-friendly building materials and appointed with Energy Star qualified appliances and expansive Energy Star qualified windows that illuminate units with maximum natural lighting. And if that weren’t enough, on-site recycling and eco-friendly rain gardens make the apartments unique and environmentally forward.