All that said, there will be expectations that multifamily acknowledge that the world will have changed after the coronavirus. “People will want to know that cleaning standards are high and that management takes cleanliness very seriously, Bell Partners president Lili Dunn said. Branding will be important in that respect, she said. “People will want to live at a community” known for its high standards of cleanliness.”
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Apartment Amenities Will Change Post-Coronavirus. But How?
April 30th, 2020 | by: Erika Morphy | Posted in : New Homes, Real Estate News, Economy, Project Features
Over the past decade multifamily has been engaged in an amenities war, with projects offering better and more luxurious add-ons in order to draw in news residents as the luxury apartment category has heated up. During the current pandemic apartments across the country have shut or almost eliminated the use of building amenities to prevent the spread of coronavirus. Residents have accepted these limitations, understanding that such steps are necessary during public health crisis especially under government warnings and lack of clear information.
As the local economy starts to reopen, residents will want to know when they can start using their local amenities, which they are paying for with their rent. Indeed, over the past several years the multifamily asset class has been engaged in an amenities war, with projects offering better and more luxurious add-ons in order to draw in residents.
The first order will be to encourage or mandate social distancing around certain share-space amenities, such as a property’s pool and in the onsite gym, John W. Gray, president of LMC Investments said during a webinar held last week by Marcus & Millichap’s. “Staff will have to watch residents to make sure the amenities will remain safe,” he said.
Long-term multifamily properties may adjust their design to provide more private space outside of their apartments and monitor reisdents usage of business centers and dog parks.
