Curious about how consumer trends are influencing change in the homebuilding industry this year? Builder’s Design just unveiled INTrend- Volume 4, their annual publication, and it’s packed with illuminating insights about the ever-evolving landscape of consumer trends including demographics, design trends, home technology, and up-and-coming innovative materials for use in construction and design at large. We are always thoroughly impressed with Builder’s Design’s time and attention in providing extensive research for both multifamily and single-family industries, but what were some of our key takeaways shaping the homes of tomorrow? Join us as we highlight the top three picks we cultivated from both editions. But don’t forget to check out INTrend for yourself for the full experience and trends details. You can sign up to receive a copy of the book through DDuffus@buildersdesign.com or sign up on their website at www.buildersdesign.com/INTrend.
Maximizing Space
As time at home has increased in the last few years, so have consumer expectations for living spaces. More intentional use of space is gaining traction, paired with smart home technology in response to the need for environments that simply do more for the homeowner. Today’s homeowner wants a floorplan that adds value and seamlessly integrates into their unique consumer lifestyle.
The pages of INTrend share that multipurpose spaces are trending coast to coast offering versatility and functionality to help consumers adapt to changing lifestyle and work/life balance needs. From kitchen and lounge spaces to lobby libraries and VR media rooms, these spaces redefine the traditional boundaries of home design. By maximizing space efficiency, builders can create home designs that cater to diverse home activities and preferences, allowing homeowners to capitalize on every square foot.
Smart Technology Homes
Our world runs on technology, and it is revolutionizing the way we conceptualize, build, and inhabit our living spaces. As INTrend emphasizes, smart technology has become an integral part of modern living, and this shift is heavily reflected in the needs and wants of both homebuyers and renters in today’s market.
Fueled by this rise in automation and evolving technology, the concept of “home as a service”, as INTrend coins the movement, is rising for the foreseeable future. Designed to further enhance consumers’ living experiences from improved security systems equipped with facial recognition, to eco-friendly features designed for maximum efficiency and sustainability, “home as a service” strives to minimize stress for homeowners. One example includes a new line of LG appliances that can be updated and upgraded through smart home applications on your phone. This can help avoid costly maintenance to update parts but instead pushes updates for maximum performance and improvements through technology. The art of this level of “home updating” is signaling the opportunity for homes to become sophisticated computers. When builders integrate innovative technologies into home design, consumers can manage their homes with minimal effort, leaving more time for them to enjoy it. It’s the new form over function. The function will be expected.
Virtual Touring & Showrooms
Finally, the trend we undeniably are the most excited about is the surging popularity of virtual touring and showrooms. From apartment complexes to condos and single-family homes, there is a rising demand from buyers and renters alike to be able to tour prospective new homes when it is most convenient for them, without having to take time away from their busy schedules to squeeze in a tour.
INTrend emphasized that this trend manifests in a variety of touring options and home shopping experiences to match the needs across demographics. The term “virtual” can take many shapes, but in homebuilding, we see virtual experiences leading to a self-service experiences. Self-guided tour options have become “on-demand” options, especially among apartment renters who desire to explore flats without the hassle of matching up schedules with the landlord. On the other hand, cinematic virtual tours that showcase the functionality and aesthetics of a space, have become favorable among homebuyers. Virtual assets are rapidly becoming the preferred method for buyers and renters to explore new home options at their leisure, making them a strategic investment for builders and property managers. We also see virtual experiences expanding into retail where virtual stores are driving 88% of sales. From Ralph Lauren to J.Crew we see companies playing with the art of immersive sales in new experiences. It’s something homebuilders can watch as the consumer adapts to new purchase environments.
In summary, there are simply too many trends to write about in just one blog post, but we hope you have time to check out the entire book as time permits! You can read the full piece at www.buildersdesign.com/INTrend to delve deeper into these trends. We always love reading through informative pieces to stay on top of what’s hot in the homebuilding industry and keep tabs on what consumers love. Stay informed, stay inspired, and stay ahead of the curve to remain competitive and relevant in the eye of today’s consumer.