The COVID-19 pandemic has had a significant impact on the way many multifamily properties conduct leasing. Owners have had to adjust processes in response to social distancing as well as adapt to residents spending more time at home and in their communities. It’s not as black and white as things may seem, but there are definitely several changes that are here to stay and not only helped deal with social distancing, but turned out to be beneficial in the long run. In many cases these are contactless leasing methodologies, but in some cases they are simple changes to evolving requirements and compliance issues. What we saw from a high level during the pandemic is this:
-
Increased Adoption of Technology: In a general sense, this is the biggest change that happened within leasing operations during the pandemic. Offices and owners moved from traditional in-person touch points, to online and digital touch points. This served to meet social distancing guidelines, but also add some convenience to prospect, resident, and agent interactions. Technologies have been added, and continue to be added, to meet all prospect demands, and the realization that technology doesn’t replace leasing staff, but rather empowers them, has extended to including technologies along all aspects of the tenant life cycle. For a rundown of some key technological advantages you can employ into your workflow, visit our resource page for Integrating Technology into a Leasing Workflow.
-
Increased Focus on Health and Safety: The COVID-19 pandemic has brought a heightened focus on health and safety to the forefront, and multifamily property owners have had to implement measures to ensure the safety of their tenants and staff. This has included increased cleaning and sanitization in offices and shared community spaces, reduced in-person interactions (think ‘contactless’), and offering lease signing and move-in services remotely. .
-
Flexible Leasing Options: With the economic uncertainty caused by the pandemic, many tenants have become concerned about their ability to pay rent. Multifamily property owners have responded by offering more flexible leasing options, such as rent deferral programs and short-term leases. Additionally, some states have offered rent assistance programs and provide tools to help tenants who are out of work or have reduced income due to the pandemic.
-
Enhanced Marketing Strategies: Marketing efforts have needed to change as well, and techniques that worked prior to the pandemic to drive tours and visits are no longer viable. Virtual Tours and easily accessible property details are now not just suggestions, but mandatory. Without these services multifamily owners just won’t be able to compete in the coming years. Owners must be able to showcase their properties effectively, honestly, and positively to attract new tenants. This has included investing in high-quality photographers and videographers, investing in better website tools and layouts, and building social media presences to stand out in a sea of apartment availability.
-
Increased Demand for Amenities: With more tenants spending extended periods of time at home, there has been increased demand for properties that offer a wide range of amenities, like gyms, co-working office spaces, outdoor recreation areas, and community driven services like childcare. Wise multifamily owners are directing larger portions of their budgets to amenities and services for tenants who are now working remotely and spending more time at home.
Conclusion
The COVID-19 pandemic has had a transformative effect on the leasing process of multifamily properties, and if you haven’t seen those changes taking place in your properties, you would be well advised to look at your competitors. The new focuses on health and safety, flexible leasing options, digitized marketing strategies, and contactless leasing processes are here to stay. They will also continue to evolve and will shape the future of rental life.