The New Normal for Apartment Leasing

As 2020 came and went, the pandemic shifted our lifestyles and the way we do business as a nation. For multifamily, online experiences, shifts in renter desires, and different work/life habits took the industry by storm. 

And many of these changes won’t be going away any time soon - or ever. Here’s a few things we project will be the new normal for multifamily in 2021 and beyond.

Virtual Experiences Will Be More Important Than Ever

2020 saw many apartment communities taking their tours online as a result of the pandemic; since in-person experiences were limited, the multifamily industry had to get creative with showing apartments.

3D and virtual tours became the new way to tour, and it doesn’t look like that’s going away anytime soon. People actually prefer online experiences as opposed to in-person ones now, and many renters even prefer a mixture of in-person and virtual options for touring apartments.

And tours aren’t the only thing renters want to see online. According to a past survey conducted by the National Apartment Association, 46% of renters said they want to be able to apply for an apartment online and renew their lease from a computer or phone.

Check out our other post for ways to provide online tours during and after the pandemic.

Location Will Be Less Important

Previously, location was the second most important thing taken into consideration when searching for apartments, right after price. While location is still important, it’s becoming less and less so as people adjust to remote work life.

Working from home became a new normal in 2020, with many companies who never allowed work-from-home before are forced to set up shop from their homes. As time went on and some workplaces reverted to their in-office operations, many found that work-from-home actually increased productivity - so they stayed working from home.

Now that jobseekers don’t necessarily need to live where they work, it will be less important for young professionals or people changing jobs to seek apartments near their work.

City Life is Changing

COVID-19 had a devastating impact on large cities in particular because so many people live in cities and everyone is cramped together. While city life will still be appealing to many people, many aspects of these large cities are going to change.

For example, Ari Rastegar, Founder and CEO of Austin, Texas-based developer Rastegar Property Co, believes that high-rise apartment living will be harder to sell moving forward. Many apartment renters will want garden-style apartments for their open spaces as opposed to small units in large buildings with lots of people. 

Another weakness for high-rises is that residents have to get to their apartments through elevators or stairs - small spaces that are often cramped with people. The solution many renters will be searching for is outside entrances or smaller buildings with outdoor stairs.

Highly-Desired Amenities Will Shift

For luxury apartment complexes that had to shut down many of their amenities during the pandemic, many residents were unhappy and felt like they deserved to use the amenities they were paying for. 

Now that more people understand the need for increased space and different safety/cleaning measures, many renters will seek outdoor amenity spaces. Dog parks, outdoor pools and picnic areas, rooftop lounges, and outdoor sports courts will be the new sought-after amenities.

Leasing Language Will Change

As businesses nationwide adapted to new safety and cleaning measures, many added language to their website detailing their actions to keep a healthy environment. 

Apartment communities will be no different! Already apartment websites are adding blurbs about online leasing and safety measures to their website - and this isn’t going to change. Moving forward, having this kind of language and content on your website and social media will be the new normal.

Need more tips for marketing your apartments during and post-pandemic? Our experts can help - contact us!