The pandemic has changed the way we think about the spaces in which we live, work and play. Especially the spaces we live in.
It’s no wonder then that property owners and apartment managers are reimagining what the ideal resident experience looks like.
The Washington Post stated, “The pandemic is already leading to permanent changes in apartment living.”
Here in Columbus, we’ve observed several trends in multifamily that are likely here to stay.
1. Affordability and accessibility have become more attractive.
More and more young professionals are looking to the suburbs as downtown venues (think bars, restaurants and other sources of entertainment) keep their doors closed. Plus, in the absence of daily commutes, the affordability of suburban areas has become more attractive and convenient.
Others have chosen to leave their downtown homes to save money by staying with friends or family.
According to a recent article in Mortgage Professional America, “Metros with higher average rent generally saw negative growth while rent growth in less expensive metros was modestly positive or flat. Of the top 30 metros, Columbus had the highest rent growth (2.2% year-over-year) and the lowest over-age rent ($1,013) year-to-date through August.”
It’s clear that in the midst of a pandemic, affordability is key.
2. Home is where the tech is.
The idea of luxury apartment amenities is quickly changing.
Kyle Bickle, project manager and studio lead with architectural firm MS Consultants, weighed in on the topic: “It’s no secret that over the past year, our residential habitats have inherited the demands of traditional work environments, cultivating a new standard for technology integration capable of supporting remote work and play.”
Other technological advancements we are seeing include online services for lease renewals, and fitness center sign-ups.
3. The great outdoors is in.
While it seems that work-life balance has experienced a provisional change, Columbus-based developers are laser-focused on occupant wellness with natural environments and outdoor accommodations taking priority.
“The evolution of dwelling footprints are redefined by privatized, accessible amenities, including expanded free air balconies and terraces, as well as enhanced building facades to bolster natural light integration,” said Bickle. “Development campaigns are being implemented to increase communal outdoor environments are supported by the likes of dedicated green space, dog parks and rooftop patios that satisfy leisure of any kind.”