Offering Better Gathering Spaces Helps Drive Demand
Both boomers and millennials continue to rent condominiums and apartments in increasing numbers.
As a property manager, how do you successfully bridge the generation gap to appeal to both groups?
Residents are driving demand for business support services in apartment communities as the increasing number of work-from-home residents creates new pressures on owners, managers, and developers for business accommodations, according to Amy Zuckerman, writing in Multifamily Executive.
Amy states, “When you create a work-from-home apartment setting, you will also need to consider safety, hours of operation, noise limits, liability for damage done to your property by business visitors, and your liability should any of your business systems fail (think of your equipment failures that damage food businesses or utility outages you cause that lead to residents’ business income loss). There are numerous examples of problems with your systems that could harm residents’ work projects, so develop a liability risk plan that minimizes your exposure for lost income or property damage to their businesses."
And she says, "If you really want to be on the cutting edge, consider creating an area on your grounds where business people can congregate during the day or night and where they can hold private events for their business colleagues. Some commercial residential property owners are even modulating portions of their buildings to form micro units that function similarly to dormitories—private mini-living spaces that feed into shared kitchens, reading areas, gardens and libraries. It all depends on the vibe you want to create and the niche you want to attract. One thing is for sure, those who base their design creativity in an understanding of the work-from-home culture will set the trend for competition in the multiunit residential industry.”
Successful property managers have found common ground, understanding the importance of upgrading common areas for entertaining, at-home work space and socializing. Here are some important tips to consider if you would like to enhance your common areas.
- Both outdoor and indoor lobbies and landings tend
to be popular gathering spots. - Larger areas such as party rooms with kitchens are a highly sought-after amenity.
- Outdoor facilities that lend themselves to socializing are increasing in popularity. Ambiance, accessibility, and safety are all critical elements.
- If you don’t already have designated areas for social gatherings, residents could create their own gathering spaces. Keep in mind, these areas might not be optimal in terms of noise, safety, and lighting control.
- Group work areas will definitely require increased Wi-Fi bandwidth and more plugs for charging devices.
- Property Management developers and owners who can offer (or transform existing spaces) the right blend of personal living, personal work, community living and community work spaces will be ahead of the competition in attracting the at-home workforce of both millennials and boomers. As you plan ahead, determine how improving designated gathering places could better serve your residents and attract prospective tenants.
Remember, building additional gathering space or upgrading an existing structure will change your insurance needs. Your trusted Kapnick insurance agent can advise you on commercial insurance coverage as well as risk management programs to enhance everyone’s safety and security.
