The Next Generation of Apartments
- London leading the way for ‘smart apartments’ in Europe – with 41% of 10,000 developments fitting the specification
- 72% of 25 – 34-year-olds marked concierge as a priority when they’re looking for residential developments.
- Renters are increasingly looking for added value with exclusive facilities in their development.
Innovation is key in the property industry, creating new and exciting developments for both investors and tenants, the industry is witnessing a growing trend for residential apartments that offer hotel-type services, shared communal spaces and facilities exclusively for residents.
According to a report by HVS London, the UK is leading the way in the development of this style of next generation of apartments across Europe, with 41% of 10,000 pipeline developments fitting the ‘hotel-type services’ specification. These developments are using space efficiently, attracting tenants that are looking for more value and practical amenities.
From cinemas and gyms to communal workspaces and dining/event spaces, these facilities are contributing to a new breed of smart, iconic residential property. While London remains at the forefront of planned ‘serviced’ properties, regional cities are starting to deliver their own pipeline of ‘hotel-type’ apartments.
While these apartments are proving popular with tenants and meeting their demands, they’re also helping to contribute to the wider conversation of ‘smart cities’. As more cities and towns across the UK look to integrate smart functionality to help with everyday life – ‘commuter apps’ being a prime example – developers are doing the same with property.
Nearly 72% of tenants aged 25-34 marked concierge services as a priority in a survey by GoCompare, demonstrating the growing desire of a young, ambitious workforce that makes up ‘Generation Rent’. When investors are identifying potential opportunities, apartments with integrated services are quickly becoming a signpost of success, as more renters look for this type of amenity in a market that is relatively short on supply.
This growing preference can be seen in Bracknell with The Grand Exchange. As part of the sweeping regeneration that is occurring throughout the town, The Grand Exchange will be one of the first apartments in the area to provide these amenities, with exclusive resident facilities such as a co-working space, gym and flexible event space known as The Lexicon Club. The Grand Exchange is designed with the tenant in mind, providing an ambitious young workforce with the facilities they’re looking for and to make them apart of the next generation of apartments.
As the private rented sector continues to grow, the needs of the modern tenant are being brought into focus. In 2019, that seems to be the modern comforts of home in a stylish setting, with world-class functional amenities on your doorstep.
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