Corgan’s “Residency Reshaped” Report Unveils Key Insights into the Multifamily Housing Market
Global architecture and design firm Corgan has released its latest research report, Residency Reshaped, a comprehensive analysis of the evolving multifamily housing market. The study delves into how renters’ preferences and expectations have shifted due to the impact of hybrid work, affordability concerns, and changing lifestyle priorities. By identifying these transformations, the report offers developers, property managers, and investors crucial insights to better align their offerings with modern renter needs.
Understanding the Evolving Landscape of Multifamily Housing
The multifamily housing sector has long been shaped by conventional wisdom regarding location, amenities, and design. However, as societal and economic conditions evolve, renters’ priorities have undergone significant shifts. Residency Reshaped challenges traditional assumptions, revealing that affordability and amenities have taken precedence over proximity to urban centers. The study highlights how innovation and technology are playing an increasing role in renter expectations, underscoring the need for adaptive and forward-thinking property development.
Corgan’s research is grounded in a thorough analysis that incorporates a survey of 1,480 renters across six major Sun Belt cities—Atlanta, Austin, Dallas, Denver, Nashville, and Phoenix. These markets were selected due to their rapid population growth, strong job markets, and increasing demand for multifamily housing. The study also integrates insights from property managers, developers, and secondary research to present a well-rounded view of the industry’s trajectory.
Key Findings from Residency Reshaped
1. Affordability and Amenities Outweigh Location
Historically, location has been the primary factor driving rental decisions. However, Residency Reshaped reveals a paradigm shift where affordability and relevant amenities have overtaken location as the most significant considerations for renters. Rising costs of living, increasing inflation, and the long-term effects of economic disruptions have made financial feasibility a top priority.
Renters are increasingly seeking properties that provide a balance of cost-effectiveness and quality amenities, rather than simply choosing the most central locations. Features such as in-unit washers and dryers, high-speed internet, energy-efficient appliances, and outdoor recreational areas are now essential determinants in the decision-making process.
2. The Role of Innovation and Technology in Rental Preferences
Advancements in technology are reshaping renter expectations. Smart home features such as keyless entry, smart thermostats, and AI-powered security systems are becoming increasingly common requirements rather than luxury add-ons. Additionally, the rise of electric vehicles (EVs) has led to growing demand for EV charging stations in residential complexes. Residency Reshaped highlights that developers who fail to integrate future-driven technological solutions risk losing potential tenants to competitors who prioritize innovation.
By embracing emerging technologies, property managers can enhance the rental experience while simultaneously increasing the long-term value of their properties. Investments in energy-efficient systems and sustainable design elements also appeal to environmentally conscious renters, further distinguishing modern developments from outdated offerings.
3. Rethinking the Importance of Location
The pandemic-induced shift to remote and hybrid work has altered the way renters evaluate location. In the past, proximity to workplaces and downtown hubs was a primary consideration. However, with flexible work arrangements becoming the norm, renters are now prioritizing comfort, space, and wellness over being near central business districts.
This shift is evident in the growing popularity of suburban and exurban rental properties that offer larger units, access to green spaces, and community-driven environments. Renters are seeking homes that cater to their overall well-being, including properties with walking trails, fitness centers, and wellness-oriented amenities such as meditation spaces and yoga studios.
Bridging the Gap Between Industry Expectations and Renter Needs
Corgan’s Residency Reshaped report provides an essential perspective on the discrepancies between industry perceptions and the lived experiences of renters. Many developers and property managers still operate under outdated assumptions, believing that traditional communal amenities—such as generic coworking spaces or recreation rooms—are key selling points. However, the study suggests that renters place greater value on structured social opportunities rather than passive amenities.
For instance, while large, underutilized common areas may not significantly impact rental decisions, community-building activities such as fitness classes, seasonal gatherings, and networking events create meaningful engagement among residents. Developers who incorporate programming that fosters a sense of belonging are more likely to achieve higher resident retention rates.
“We’ve uncovered what renters value – which requires looking beyond conventional wisdom and diving into the realities of their daily lives – and with that, we can offer insights on how to bridge the gap between industry expectations and renter experiences,” said Stephen Lohr, Multifamily Studio Leader at Corgan. “With insights from Residency Reshaped, developers have an opportunity to rethink how multifamily housing can better serve today’s renters. Our goal is to help clients create spaces that not only attract residents but keep them.”
The Methodology Behind Residency Reshaped
Corgan’s research methodology for Residency Reshaped involved a multi-method framework integrating quantitative and qualitative approaches. The study relied on:
- Survey Data: A large-scale survey of 1,480 renters across six key Sun Belt markets provided firsthand insights into evolving renter preferences.
- Industry Expert Interviews: Property managers and developers were consulted to assess industry perspectives and identify gaps between expectations and actual renter behavior.
- Secondary Research: Market trend analysis and economic data were incorporated to contextualize findings and highlight broader patterns affecting the multifamily sector.
This robust methodology ensures that the insights derived from the study are both reliable and actionable. By combining multiple data sources, Residency Reshaped offers a myth-busting approach, directly comparing industry assumptions with renter feedback.
The Future of Multifamily Housing
The insights from Residency Reshaped provide a roadmap for the future of multifamily housing development. As renter expectations continue to evolve, developers must adapt by:
- Prioritizing affordability and practical amenities over traditional location-based marketing strategies.
- Integrating smart technology and sustainability features to appeal to tech-savvy and environmentally conscious renters.
- Redefining community engagement by offering structured social events rather than relying solely on passive common spaces.
- Catering to hybrid work lifestyles by designing flexible living spaces that support work-from-home arrangements while maintaining a high quality of life.
“As we continue to explore new markets, this repeatable framework allows us to gather localized insights and adapt strategies accordingly,” said Melissa Hoelting, Assistant Director of Hugo. “The Sun Belt was just the starting point. By leveraging these insights, we can provide developers across different regions with the tools they need to create rental communities that align with modern living trends.”
Corgan’s Residency Reshaped report marks a significant step forward in understanding the shifting dynamics of the multifamily rental market. By identifying the key drivers behind renter decisions—affordability, technology, community engagement, and lifestyle alignment—developers can make informed choices that enhance the appeal and long-term viability of their properties.
As the real estate industry continues to evolve, Residency Reshaped serves as a critical resource for stakeholders seeking to stay ahead of market trends. By prioritizing renter needs and aligning development strategies with real-world insights, the multifamily housing sector can better serve the changing demands of modern residents while fostering more sustainable and engaging communities.
