The current pandemic and global response is a once-in-a-lifetime event that has affected all of our lives in significant ways. Real estate leaders must think strategically about the long-term implications.
Here are five developments that may take place for multifamily homeowners in the future, post-pandemic age:
Rapid adoption of delivery services
The number of residents who shop online for necessities will increase, with online grocers seeing the largest percentage of new adopters. Multifamily owners who adjust their operations to receive and distribute a variety of packages to residents will be at an advantage.
Increase in remote working
Remote working will likely become more widely accepted and employers will increasingly need agile real estate strategies that maximize value. Residents who are working remotely for a portion of their workweek will look for a third space outside of the home, so multifamily owners who operate a workspace in their buildings will create a competitive advantage.
Public spaces get automated
A shift in social norms and social behaviors will increase the use of automation in public spaces. Owners who are adept and first to market at retrofitting and adding these smart elements to their buildings will likely have an advantage.
Property management becomes crucial
As people spend more time at home, they will expect more from property management, and the importance of service, cleanliness and reliability will increase. Multifamily owners who build a strong consumer-facing brand based on operational consistency will benefit greatly.
Human connection becomes increasingly important
As society moves from wide-spread quarantine to the new social norms, the already existing loneliness epidemic may continue to grow. Multifamily owners who create operational rhythms for resident connection will attract and retain a disproportionately large number of residents.