What Do Workforce Trends Tell Us About Apartment Amenities?

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The personal and professional lives of the average person are now often intertwined in today’s busy world so how does this trend affect apartment amenities?

By Holly Welles

With the rising popularity of telecommuting, the living space and the workspace are beginning to blend, phasing out the familiar nine-to-five. Needless to say, it’s crucial to keep current with these trends.

Naturally, potential tenants are searching for properties that support all aspects of their lifestyle. This includes their work, and since that definition is evolving, apartment amenities have to change as well. Adaptation is one of the key factors behind continued success.

With that in mind, how should property managers approach the subject of their amenities? Which workforce trends should they consider when planning improvements for their multifamily properties?

It isn’t always such a simple subject, especially with the limitations of a strict budget.

Regardless, it’s possible to attract a greater number of tenants and increase occupancy rates with only a few adjustments. Many of them are comparatively inexpensive when compared to other renovations. What are the best modifications, and how can a property manager make room for them?

High-Speed Internet Connection

More people are remaining at home over the course of their workday, sending emails, completing projects and fulfilling their responsibilities from the comfort of their home. Internet connectivity has made this possible.

Property managers can enhance that connectivity with an investment in high-speed internet. While their existing infrastructure no doubt supports an internet connection already, they can take additional measures to ensure it’s strong and reliable. That said, an upgrade may prove expensive.

Given the cost of a multiunit wi-fi network, property managers with the means might decide to offer it for free as an attractive competitive advantage. As they enjoy the benefits of this change, they can research the potential of 5G networks, which are likely to lead to new developments in wireless infrastructure.

Flexible Community Spaces

Telecommuters will want a work-friendly area outside their apartments where they can congregate with other residents. Though they can manage their responsibilities without leaving their apartments, a little variation is appealing. Sitting at the same workstation day after day can start to feel stale.

Taking this into account, potential tenants will prioritize a multifamily property with a flexible community space. The fact that 43 percent of Americans spent time working remotely last year only reinforces the value of this amenity. It’ll continue to increase in relevance, moving through 2019 into the next decade.

Of course, creating a new community space can cost a substantial amount of money — but property managers don’t have to invest in large-scale renovations. They should evaluate their properties and see how they might adjust or rearrange an existing room to make it more accommodating for remote workers.

Package Delivery Service

In the past, property managers handled packages for their tenants, an obligation that is unsustainable as the number of home deliveries increases.

Fortunately, the installation of package lockers has alleviated much of the burden. They differ in their capabilities, depending on the quality of the technology, from a basic setup to a more complex smart locker. These storage alternatives send a text message and email with a code when a tenant receives a package.

While these smart lockers aren’t a mandatory addition, they’re an attractive amenity for tech-savvy tenants and an incredible convenience for property managers. The latter should assess their budgets and research their available options, setting aside time to review other trends relevant to their bottom line.

Apartment Amenities of the Future

Property managers should acknowledge the changing integration of life and work with the amenities above, investing in the features that attract and retain today’s telecommuting tenants. They’ll likely represent a large majority of tomorrow’s workforce.

It’s critical to keep current with the latest technologies and modifications. Whether a property manager decides to invest in an update to their internet connectivity, flexible community spaces or a smart locker, they can feel confident knowing they’ve made a change with widespread appeal.

 

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Holly Welles writes about real estate market trends from a millennial perspective. She is the editor behind The Estate Update, a residential real estate blog, and keeps up with the industry over on Twitter @HollyAWelles

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