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Developers are facing a challenge. An oversupply of apartments is resulting in a struggle to maintain occupancy and rents.
As cities nationwide grapple with a surge of new rental supply hitting the market, the need for differentiation is becoming paramount for multi-family developers. Standing out in a crowded market is no longer just a choice, but a necessity to lease up quickly to protect their baseline forecasts and projections.
The key to thriving in this shifting landscape lies not just in recognizing the challenge, but in rethinking what it means to differentiate.
Despite high relative demand of rental apartments, the record-high deliveries and supply of new apartments is resulting in an oversaturation of market-rate rental properties, resulting in a decline in prices over the last year. Amidst the sea of choices, developers are posed with unique challenges to stay ahead of their initially underwritten yield curve; craft distinct living experiences that cater to the evolving needs of renters — to stand out in the crowd of standard amenities that have become commonplace for market-rate apartments.
When renters have ample inventory to choose from in a certain market and none of their choices truly stand-out from the rest, the quickest way to get apartments occupied is with concessions – or at least that’s historically been the case. Now, with so much inventory to choose from, the “concession war” is pushing rental prices so low that it’s moving the building out of the minimum $/sf needed to ensure that the building is profitable.
Differentiation in these crowded rental markets is essential for attracting renters, justifying higher or baseline rental rates, and reducing vacancies.
Differentiating can also increase property value and garner market resilience. When a developer differentiates their properties, they become less susceptible to market fluctuations and high turnover. Unique offerings can remain attractive even during market downturns, providing stability.
Ori challenges developers to rethink what it means to differentiate.
We understand that building more or spending more on standard amenities is no longer sufficient; the future belongs to those who build smarter. At Ori, our mission is to equip developers with the tools to transform their properties into appealing spaces that renters desire, all while increasing your ROI.
Ori creates Expandable Studios – an in-unit amenity that excites renters by doubling their square footage in 20 seconds – like magic.
Our systems move to conceal beds, reveal tables and sofas, and move walls to create distinct spaces in small floor plans. Residents can transform their space with a push of a button to seamlessly transition between work and play. Ori redefines functionality for them and redefines differentiation for your projects.
Ori redefines differentiation through adaptability, doubling usable square footage irrespective of an apartment's size or layout. By integrating movable walls, intuitive technology, and versatile furniture, Ori Expandable Studios pave the way for a new era in apartments, removing the compromises traditionally associated with studio living.
Consider the shift toward customizable living spaces and amenities that adapt to the lifestyle of the modern resident. Picture a living space that seamlessly transforms from a cozy home office during the day, into an entertainment hub in the evening.
The enhanced functionality of a small footprint allows developers to build smaller, charge a premium per square foot, and make smaller spaces more desirable. These amenities go beyond the superficial, creating an experience that resonates with the dynamic demands of today's renters.
In modern urban living, the conventional static nature of apartments often poses challenges. Fixed square footage and immobile furniture limit space utilization and drive up costs, particularly in sought-after locations. By incorporating technology seamlessly into the living experience, from smart device compatibility and app connectivity, developers can set one project apart from the rest.
For Ori, multi-family differentiation goes beyond the conventional metrics of square footage and basic amenities. The focus must shift to offering something unique – and in-unit amenity – that aligns with the evolving needs of residents.
We empower residents to Live Large in a Small Footprint.
Smart development meets the demands of a changing world. As the rental landscape transforms, our expandable living solutions empower developers to not just meet expectations, but exceed them. Ori can help you differentiate by creating a compelling experience that attracts and retains renters, justifies higher or baseline $/sf, reduces vacancies, and builds a robust and competitive presence in the marketplace.
We invite you to craft living spaces that reflect an understanding of what truly matters to those who call them home.
Inquire here to find out how we can help your development needs, no matter the stage of the project.
