Four Key Takeaways The Multifamily Industry Learned From The Pandemic

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Since March, the economic impact of Covid-19 has continued to unfold globally. The rapid pace at which the pandemic has spread and global actions to curtail it are having unprecedented repercussions on the way we live and do business. While I believe the long-term influence and outcomes of these events will have a unique effect on the multifamily industry, the most important lesson learned is the need to be resilient. Here are four trends we can expect to see in the multifamily sector in the near future.

The ‘New Norm’ In Leasing

The pandemic has pushed multifamily owners and managers to rethink the tools they utilize in attracting prospective tenants. As technology recently became the main vehicle of communication, companies had to quickly become experts at virtual touring in order to maintain leasing activity. In response, we’ve seen a wave in personalized, one-on-one tours through Zoom, Teams and FaceTime, where prospects can safely and effectively view any unit or apartment community.

It’s imperative to also host these tours on your website or YouTube channel where all of your virtual tours are stored for prospects to view at any time and from any location. Another technology that’s boomed is Matterport, the leading 3D software, which enables you to create a realistic digital twin of any property, creating a real-life experience for prospects as if they were actually on the premises.

A Shift From Urban To Suburban

Over the last 20 years, there has been a significant focus on urban living and an increasing trend of densification. People of all generations wanted to live, work and play in big cities for the accessibility, immersive culture, job market and opportunities, but we’re seeing that trend begin to reverse as a result of the pandemic. There’s been an uptick in people moving out to the suburbs in search of more space, affordability and a better quality of life.

It’s imperative to also host these tours on your website or YouTube channel where all of your virtual tours are stored for prospects to view at any time and from any location. Another technology that’s boomed is Matterport, the leading 3D software, which enables you to create a realistic digital twin of any property, creating a real-life experience for prospects as if they were actually on the premises.

A Shift From Urban To Suburban

Over the last 20 years, there has been a significant focus on urban living and an increasing trend of densification. People of all generations wanted to live, work and play in big cities for the accessibility, immersive culture, job market and opportunities, but we’re seeing that trend begin to reverse as a result of the pandemic. There’s been an uptick in people moving out to the suburbs in search of more space, affordability and a better quality of life.

Source: forbes.com