Because our offices are in midtown Manhattan many of our jobs are NYC centric. Plus, we see our share of code consulting issues. So this article about what property managers are looking at in terms of improvements and perks… in a hopefully post-Covid world is of special interest to us, as we feel it may be to you.
FROM FORBES / BY ALEX VASQUEZ
Between changes brought about by pandemic regulations and younger generations entering the rental market, there is a wide variety of opportunities for property managers to stand out to prospective renters.
The best way to attract and retain tenants is by staying ahead of their needs. Many younger renters have different expectations than those who came before them. Properties that update policies and amenities to cater to these changing expectations can differentiate themselves and provide unparalleled value to tenants.
Depending on the type of property and area, there are different degrees to which you can employ these strategies to see the best return on investment and provide the most value to your tenant population. If you’re looking for unique, modern upgrades for your property, here are some ideas that can help set you apart from other rentals.
Rideshare
Rideshare companies aren’t going anywhere. More than one-third of Americans use rideshare services, according to a 2019 survey by Pew Research Center, and the global industry is expected to grow at a compound annual growth rate of roughly 16% between 2021 and 2028.
To meet the needs of renters in bigger cities, I’ve observed some rideshare companies setting up pickup stations in apartment complexes to manage high demand. Even if you aren’t in one of these areas, there is a lot you can do to accommodate the way many people are traveling.
Ultimately, apartment buildings might be able to reduce parking lot sizes in favor of additional units or space for amenities. To start moving a complex or building in this direction, property managers can create rideshare pickup areas within parking lots. Block out the parking spaces and include signage with rideshare logos and parking time limits to clearly show the pickup area.
The app integration for rideshare services is also a value add and modernizes your property and offerings. This is a low-cost, low-effort amenity that you can offer to your tenants to increase the value proposition of living in your rentals.
Food Delivery
There’s no doubt that food delivery has been steadily increasing in popularity since the pandemic’s stay-at-home orders, but this can pose a logistical challenge for property managers and their tenants. Locked outer doors and door codes on large, multifamily buildings can cause crowds of delivery drivers to gather outside of doors and in the hallways and elevators. The “tailgating” security concerns that these deliveries can also cause present an additional problem that needs to be tackled.
To alleviate these issues and make the food delivery experience better for your tenants, there are a number of solutions to consider, ranging from high-tech to quick fixes. Regardless of which you choose, I believe making your property more conducive to deliveries will be a boon to your tenants.
Installing a video intercom system, for example, could be a secure way to handle visitors and deliveries alike. While these were once expensive improvements, I’m finding they are now much more reasonably priced, and the wireless versions are quick and easy to install. These modern intercom systems allow tenants to generate one-time passcodes that delivery drivers can use to enter the building and make deliveries directly to a unit. I’ve observed that this is becoming increasingly common, and some delivery apps allow these PINs to be entered so drivers can use them to enter large businesses or apartment buildings.
If you don’t opt for the tech route, you can create a drop-off zone for deliveries within the building. This would be a space that the delivery drivers could access within the building, such as a lobby or indoor vestibule where they could leave deliveries. This would only require installing a table or shelving unit in the area with a sign to indicate delivery drop-offs. While this is, in some ways, the easiest option, it requires your tenants to come out and get their deliveries instead of having them delivered to the door of their unit.
Some larger apartment complexes are starting to offer their own food delivery services, so if you’re looking to increase amenities, this might be an option as well. There are services that partner properties with local restaurants to provide “room service” menus that tenants can have delivered directly to their units. This isn’t an option for everyone, but if your property is in the right area, you might find some tenants are willing to pay a premium on their rent for services like these.
Coworking Spaces
More and more people are working remotely, but apartment living can make this particularly challenging. Sitting in your apartment working alone all day can be lonely and make people feel isolated from the rest of the working world.
To help with this, apartment and condo buildings can increase the number of shared conference rooms, offices and other workspaces they are offering to their tenants. Many buildings already have these spaces available; it’s just a matter of repurposing them to create a coworking space within the building.
If your building doesn’t have extra space, you could scale back some of your entertainment amenities in favor of these working spaces. The tradeoff here might be extremely beneficial to your bottom line. Offering a coworking space in your building or complex could help you to attract quality renters who are focused on work. In addition, you can open these spaces up for other people in the community to rent, which could bring in additional revenue and might also result in coworkers renting in your building.
The space can be as basic or as fancy as it makes sense for your property, and it can grow and develop over time. I suggest starting with a few desks, a printer and a coffee maker and then go from there. If you want to further increase the value proposition of living in your building, you can include services that aren’t offered in your immediate area, such as an espresso machine, a scanner or conference rooms with presentation space.