The luxury market isn’t slowing down. But a devastating trend is emerging: even high-end units are sitting empty. In Q1 2024, the national vacancy rate for Class A apartments hit 9.2%—its highest level in years.1
Today’s renters are choosing community over chandeliers. This shift is challenging the industry to rethink design, amenities, and what luxury really means.
The New “Luxury”
Today’s renters, primarily Millennials and Gen Z, have a different understanding of ‘Luxury’. 
~ National Multifamily Housing Council (NMHC)
Avoiding the Vortex
The “vacancy vortex” underscores the need for a new understanding of tenant expectations. Today’s renters value wellness, walkability, and adaptable design.
That means smart placement, generous shared spaces, and mid-scale units—amenities that attract and retain renters, ensuring long-term value and profitability.
Let’s Rethink Your Next Multifamily Project
BASE4’s brings architecture and engineering expertise to multifamily housing. We rethink layouts, optimize shared spaces, and design profitable, in-demand communities that renters want.
Thank you,
Blair Hildahl
BASE4 Principal
608.304.5228
BlairH@base-4.com
Source:
RealPage Market Analytics, April 2024
