Industry insights, market outlook reports and commercial real estate
news, and trends from the Coldwell
Banker Commercial brand.
The main anxiety in the student housing sector of CRE is the pandemic’s impact on the 2020-2021 school year’s leasing opportunities. Multiple factors are clouding the outlook for student housing occupancy.
Those collective insights are shared in this second of a three-part series that highlights which asset classes performed well, which ones struggled, and what adjustments commercial real estate investors, owners, and managers are making to navigate the challenges.
For those just starting out in their careers in expensive cities, co-living can be a great way to maintain a higher standard of living than they might experience if they were living on their own.
From smart locks and smart lockers to smart lights and smart speakers, today’s smart home technologies seem endless — and they’re improving the rental experience for both tenants and property managers. But how?
When the coronavirus began spreading around the world earlier this year, massive and across-the-board shelter-in-place mandates created a gigantic social experiment involving remote working. And now that we’re several months in, it seems people who can work from home typically like doing so.
For the past several years, the multifamily industry has catered to the wants and needs of the Millennial generation, thinking of them as they update their community or add new amenities. When Millennials wanted to move into downtown urban markets, the multifamily industry responded by renovating empty warehouses and building high rises.
COVID-19’s impact on the 2020-2021 school year’s leasing is the main uncertainty in the student housing sector. Various factors make the student housing occupancy outlook uncertain, such as when students will return to campus or online-only learning, if or when they will sign new leases, and whether they will require future “outs” or reimbursement provisions for similar future events.
Lease renewal may be an annual event for any resident; however, retaining residents should be a top priority for management and staff all year long. One of the best ways to maintain residents is to keep them engaged. Creating an environment residents love and where they want to live is more than having fresh cookies or drinks set out in the leasing office.
Since COVID-19 is spread largely by people coming into close contact with one another (within 6 feet), apartment buildings and multifamily dwellings are at higher risk, with an increased risk of an infected tenant unintentionally spreading the virus to neighbors and other residents. This phenomenon is known as community spread.
2020 marks the start of a new year and, perhaps more excitingly, a new decade. And while economic and real estate cycles do not revolve around the calendar year – aside from any actions resulting from changes in calendar year tax policy – it is still a great time to reflect on what real estate decisions were successful and which may require rethinking in the year(s) ahead.