While the trend to expand residential amenities in response to growing Millennial expectations was already on the rise, COVID-19 accelerated the pace drastically. While stuck at home, people want their home to be more than just living quarters, and this expectation is likely to outlive the pandemic.
Researching mental health, isolation, and quarantine fatigue, experts such as the AIA emphasize the importance of creating opportunities within apartment and condo facilities to safely increase social connection and interaction. For operators, this means adopting new services or having a plan to re-open existing amenities safely.
Improvements in health safety and expansion of residential amenities require new investments and higher operating costs. That said, multifamily properties are experiencing the financial impact of COVID-19 and resources are tight. To balance the needs against the means, multifamily operators need to leverage technologies that serve more than one purpose.
Property technology is poised to deliver these “swiss army solutions” for operators through collaborative innovation and cross-industry partnerships. These trends were propagated by proptech players pre-pandemic. Captivate, for example, teams with Rise Buildings to deliver mobile- and app-powered amenity, visitor, and package management features. Technology and proptech partnerships enable operators to meet residents’ needs without sacrificing too much of the bottom line.
Captivate | Scan offers a temperature scanner, face mask detection, and hand sanitizer alongside a digital tenant communication/information solution – a welcome and necessary asset to operators looking to re-open fitness centers or workspaces while upholding all safety protocols.
The full extent of COVID-19’s impact on the multifamily market is yet to be seen. However, we know how important condo and apartment amenity spaces have become for residents and the need for them to re-open safely without breaking the bank. Smart and cost-effective strategies that are adopted now will survive the virus and have a lasting effect on the tenant/landlord relationship. In this critical moment, multifamily properties, such as apartments and condos, have an opportunity to make future-proof investments and create long-term value for their residents.