Throughout the COVID-19 pandemic, many residents of multifamily apartments have been spending more time at home. This change in lifestyle has led to demand for more space and new priorities in terms of housing.
This article is designed to help you identify how the concerns of multifamily apartment residents are changing, to help you meet current needs and attract new residents.
The Impact of Working from Home
Many residents working remotely due to the pandemic need more space for a home office. This is particularly important for residents with family and children at home, in order to stay productive.
Apartment units with an additional room and / or greater square footage are therefore likely to increase in popularity.
Working from home may also create a greater need for storage space so that work papers and equipment can be put away, and to limit the impact work has on the home environment.
COVID-19 Impact on Public Areas
In the past, amenities such as pools and work-out centers were key selling points for multifamily apartments, but COVID-19 has significantly reduced use of and desire for these facilities.
Throughout the country, many of the exercise rooms and pools that were once frequented by residents of multi-family apartments have been closed to meet local health and safety protocols. Clubhouses designed for social gatherings are now rarely utilized.
Eating at Home & Kitchen Space
Due to COVID-19, many families are eating at home more often and need more kitchen space. Include larger kitchen / dining areas in new multifamily apartment designs to attract new residents.
Increased Emphasis on Location
Those working from and spending more time at home are likely to place more importance on location, when choosing an apartment. More than ever, residents want to be in close proximity to grocery stores and neighborhood restaurants so that they are able to easily walk or ride their bicycles to these destinations. Many residents wish to reduce their use of public transportation due to health and safety concerns.
Air Quality & Ventilation Concerns
Some occupants are concerned about the overall air quality and ventilation in their apartment buildings. Fresh air from outside and air circulation is known to help prevent the spread of viruses. Be sure to clean air ducts regularly and install an efficient HVAC system for the benefit of residents. There has also been an increase in demand for balconies, as they enable residents to sit outside without leaving their home.
Preference for Natural Lighting
Lighting can have a significant impact on mood and productivity. Many residents working from home are noticing that their home office would benefit from additional lighting or larger windows.
Green Building Standards
Developers can attract new residents with apartments that are built to meet National Green Building Standards. Lower utility bills and improved air quality are important factors to many residents. Occupants are willing to pay a premium for apartments that meet these standards knowing that the buildings are more efficient and environmentally safer.
The Importance of Online Interaction and Virtual Property Tours
Many prospective residents are finding new properties online and touring them virtually. Enable virtual property tours to meet these new demands.
Updating your property’s website can also help attract potential renters. Improving website functionality and providing up-to-date information online may increase occupancy and help you avoid vacancies.
Get in touch with LSG Lending Advisors to secure the loan you need to update your multifamily apartment and remain competitive.