Construction Monthly Magazine | Houston 2021 Build Expo Show Edition

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MULTIFAMILY HOUSING: HOW IS IT AFFECTED BY COVID-19? By: Terry Zelen Learn about updates to design, governmental aid, investments and technology to understand the impacts of COVID-19 to multifamily housing. Before COVID-19 multifamily housing was on the rise. In fact, 2019 was the sixth year in a row where multifamily absorption has exceeded 250,000 units. It’s important to note that millennials make up a large portion of this multi-family housing demand. Multifamily housing ended 2019 strong, but what are the impacts from a global pandemic COVID-19? COVID-19 marks an unprecedented time for not only the real estate market but for humanity. Many are working from home now and have become extremely conscious about maintaining a healthy lifestyle such as encouraging everyone to wash their hands, avoid large groups of people, and protect the elderly. While all of those safe practices will definitely help to flatten the curve, you are still responsible for running 8 CONSTRUCTIONMONTHLY.COM your home builder or developer business. If you primarily build multifamily residences, then I encourage you to continue reading about how multifamily housing is impacted by this global virus. 4 Impacts of COVID-19 for Multifamily Housing: 1. Change in Design Preferences Let’s face it – no one wants to be quarantined in a 500 square foot apartment. Even the most luxurious of multifamily properties had to limit their amenity usage for their residents. Not only will the demand for singlefamily homes increase, but the demand for changes in multifamily designs will also increase. Here are some changes to design preferences buyers want: • Improving the air-quality for multifamily properties to combat any respiratory diseases and pollutants. • Incorporating small yards to multifamily units such as horizontal housing to give people more space and to socially distance. • Adding more sanitizing stations in commonly shared areas such as the clubhouse and gyms within the complex or community. • Heavy emphasis on having a “healthy home” for conscious individuals and families. Examples include keeping your home dry, clean, safe, and wellventilated.
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