As more residents have been forced to work from home, their needs have evolved. Residents now require in-home offices, or study nooks and/or socially-distanced workspaces within their communities. While multifamily is beginning to respond to those needs, new construction and retrofit projects aren’t completed overnight.
This year, budget planning could have been particularly painful. Thanks to the pandemic, property managers have seen revenues decline while simultaneously incurring unanticipated expenses. Generally speaking, 2020 has done a number on most companies’ financials.
It’s often the attention to the little things that keeps everything on an even keel at apartment communities. Residents depend on seemingly minor conveniences to help them stick to their daily routines. They build dependencies on those services that have been ingrained into our daily structure.