2020 will be a year that is talked about for generations to come. It has become apparent that every industry has been affected and is not immune to COVID-19.
We collected some top trends for the multifamily market that will likely be longer lasting than a traditional span. The extended articles can be found online in the location below in the footnotes.
These 8 trends can be found in more detail on 2nd Kitchen’s website.
- COVID-19’s Impact
a. Temporary suspension of evictions due to the inability to
b. The number of renters that paid rent dropped 12% from
March to April 2020.
c. 56% of renters say they are looking for new units – mainly
fueled by the need for a larger unit.
d. Only 17% of renters said they will stay at their current
e. 45% of new multifamily housing projects in development
have been halted.
f. Increase cleaning schedules and new sanitization
g. New procedures for food delivery and mailrooms.
- Virtual Tours & Self-Guided Showings
- Multifamily Renters Expect Luxury Amenities
- Growth of Suburban Sun-Belt Multifamily Rental Market
- Continued High-Occupancy Levels
- New Multifamily Building Construction Projects
- Diversity & InclusionRising Rents, Rent-Cap Laws, and Rent Moratoriums
Additional Changes From COVID-19 Predicted
In an article posted on Multifamily Executive, Kimberly Byrum reviews positive signs and trends for the multifamily sector. Byrum, states “…she expects touchless features will be even more important, such as automatic doors, keyless entry options, and even voice-controlled elevators. She also expects more emphasis on hand-washing stations, ventilation, open layouts, and more seating.” She goes on to say in the article that work from home will not be a blip on the radar – this is something where she suggests developers could offer a premium apartment with additional space dedicated to a workspace cubby. In addition to those changes that are likely here to stay for some time – fitness spaces in their homes as well as private workout suites, and finding ways to incorporate outdoor living spaces will become an even bigger priority