Competing with Class A
The future of class B and C properties is reliant on their capability to compete with Class A properties in the market. COVID-19 has changed most people’s housing budgets and locations and making a major impact on the rental housing market.
Millennials are escaping to the suburbs much as baby boomers did in the 1970s. Homeownership is up and renting is down in classicly expensive markets like New York and San Francisco.
Across the US, the work-from-home model has transformed many renters into homeowners, Millennial city dwellers into suburbanites and the new renters in Generation-Z seem to be gravitating to fill the urban gap.
What changes need to be made to apartment communities to accommodate the COVID-19 shift?
Large open business centers and clubhouses could be converted into partitioned business spaces, allowing privacy, and safety for residents. Investors could generate revenue by renting privateso residents working from home.
Fitness centers can be retrofitted with roll-up garage doors and sliding doors to allow more space and air circulation. Equipment will need to be more generously spaced with open-air workout space with artificial turf.
Pet-Friendly amenities are key as more renters are adopting pets to act as companions as they work from home. Pet wash stations, private pet yards, and pet agility parks will make for a great amenity for renters looking to get outside.