For many, their apartment has become their new office, and it doesn’t show any signs of stopping. Making it a great opportunity for investors, property owners, and managers.
The multifamily housing industry has done well during the pandemic and remains a favorite among investors.
A recent article in Forbes, “How Is The Apartment Business Holding Up? It Depends On Where You Mean,” shows the importance of updating building designs and features.
Apartment owners are faced with would-be tenants who must be reassured that apartment living is safe in a world of ongoing contagion. Some apartment developers are looking at designs and features that can help attract tenants, promoting their balconies and outdoor spaces and special design features that will cast their building in a positive light compared with buildings that were designed pre-pandemic. One developer client told me that they have had prospective renters walk away because there were no units with balconies left.
Outside air is a major selling point, and that is now being reflected not only in balconies, but also in indoor-outdoor amenity spaces.
Suburban apartments that are still in the planning stage are often being re-thought and re-designed in such a way as to reduce density and to provide more access to outside air. Although developers sacrifice a bit on “unit count,” they can make up for some of that with faster lease-up and higher rents. It is a fact that tenants will pay more for a unit with a balcony, and for a complex that feels safer.
Various technological enhancements are being considered as well. While installing touchless elevators might be unjustifiable from an economic standpoint, putting in improved ventilation and air filtration systems and UV air purifiers can be relatively inexpensive, and can go a long way in reassuring would-be renters.