What Tenants are Seeking in Luxury Apartments in 2020

Oct
23
2020

Things are ever-changing in 2020. The pandemic has seen many shifts in personal lives, society and the economy. The rental market has also seen a lot of movement. For example, we’ve seen many expat professionals returning to Australia to seek out central homes, and the RBA predicts that there may be a lift in demand for rental properties as borders open over time. So what are tenants looking for in luxury property in 2020 and beyond? If you have a high-end investment property or are looking to buy one, there are some key factors to consider.

Experiential living

In a world where we can’t easily take an international flight to find new experiences, modern living is now even more focused on having rich experiences close to home – or in fact, at home. Domain outlined a trend towards themed apartment developments earlier this year, showcasing several of Crown Group’s experience-rich developments. There’s Mastery by Crown Group in Waterloo, taking inspiration from Japanese architecture and including Sydney’s first Japanese eat street within the very same development. Tenants seeking apartments for rent in Waterloo will also be drawn to Waterfall by Crown Group, featuring an internal lagoon, lush communal spaces and the Southern Hemisphere’s tallest man-made waterfall cascading down the building’s exterior. Or consider Arc by Crown Group in Sydney’s city centre, with its exclusive ice-cave inspired pool and residents’ rooftop lounge overlooking the city. Proximity to dining and retail experiences and public transport will also be key for tenants.

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Luxe minimalism

The ultimate modern luxury is simple, spacious, pared-back quality. Surfaces are sleek and smooth, and clever storage is a must to provide a living space that feels open and light. The interiors at Eastlakes Live by Crown Group are a perfect example of luxe minimalism. These Eastlakes apartments feature gourmet kitchens, quality European appliances, floor-to-ceiling glazing to let the light in, and thoughtfully designed cabinetry to provide a space for everything

Tenants looking within the higher end of properties will be seeking beautifully crafted living spaces in 2020 and beyond.

Rightsizing

Knight Frank’s Australian Prime Residential Insight 2020 report outlines rightsizing as an emerging trend in the Australian luxury property market, and we expect this effect to only increase as COVID-19 lockdowns have kept people at home for longer than usual. Rightsizing describes the desire by many to find the perfectly sized home to provide a relaxed and modern lifestyle, with these features often in demand:

  • Within walkable distance to amenities and transport
  • Smaller or lower in maintenance, yet still spacious
  • Quality from a reputable developer and builder
  • Secure for an easy lock-up-and-leave lifestyle, and
  • Providing a sense of community and connection.

Rightsizing appears to be relevant across a range of lifestyles and ages, including entrepreneurial singles and couples, families and active retirees. Property investors: take note.

Healthier homes

With increasing focus on emotional, physical and mental wellbeing and a growing awareness of climate changes, tenants and buyers alike are looking for homes that are sustainable, offer a sense of community and promote overall wellbeing. Take for example the new Green Square apartments at Infinity by Crown Group. The homes within this development are sustainably designed for optimal light and air flow. The building features community amenities including an infinity heated pool, spa and sauna, and a music room with a baby grand piano. And the location is within walking distance of the highly anticipated Green Square public library, aquatic park and playgrounds.

For property investments or for your own personal lifestyle, the new modern way of life is now connected, central, thoughtfully designed and rich in experiences.

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