2020’s Impact on Multifamily Housing

 
It’s safe to say that 2020 has been a roller coaster ride. This year has drastically impacted businesses across industries, including all sectors of real estate. 
Though multifamily housing is no stranger to change, it is rare to see change at the accelerated rate we’ve experienced during 2020. In response to COVID-19, multifamily property managers, owners, and developers have had to adapt to social distancing, health concerns, and a demand for safer, contactless experiences.
Here’s an overview of how 2020 has changed multifamily housing and what you can do to adapt to the circumstances, retain residents, and continue signing top-dollar leases.
 
Once amenities, now necessities
Up until 2020, multifamily buildings set themselves apart from the competition with amenities. Once reliant on high-touch amenities — like 24/7 concierge and house cleaning services — multifamily housing eventually shifted to high-tech amenities. These amenities capitalized on technological advances and focused on adding convenience to residents’ daily lives.
Now, in 2020, residents prioritize safety over convenience. 
 
As COVID-19 remains a public safety threat, renters are more concerned with:

How to avoid touching high-risk surfaces
Who is entering their building
How communal spaces are shared

 
Real estate professionals must step up and make an effort to adapt to residents’ shifting demands. This effort starts with adopting property technology (proptech) solutions to boost resident safety.
 
Using proptech to create safer buildings
Technology has the power to keep your building secure and give residents the peace of mind they deserve. Property managers, owners, and developer……