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Class-A amenities look different in a post-COVID world. According to this article from Multifamily Executive, owners and operators of multifamily buildings will place less emphasis on “gimmicks” like demonstration kitchens and event spaces, and instead focus on features that prioritize resident safety and wellness, along with plenty of outdoor space. Common has also noted this trend among our members and prospective renters, who are looking to be closer to parks instead of public transportation, and are increasingly prioritizing practical features like private work space over cruise-ship style amenities.
One year after the pandemic, the results of migration out of large coastal cities have begun to take effect. A report from Marcus & Millichap shows that cities like Augstin, Denver, Salt Lake City, and many others across the sunbelt and Mountain West are benefiting from “in-migration momentum.” As interest rates remained low in 2020, first-time home buyers took advantage of the market and simultaneously pushed home prices up, resulting in more renters looking for multi-bedroom apartments, especially to accommodate working from home.
With remote work on the rise, Austin, Atlanta, and Boulder have shown to be the top three cities to live in after the pandemic, according to Stefani Berkin, President of R New York. The cities are ideal for remote workers leaving coastal hubs like San Francisco, with an emphasis on outdoor space and more affordable housing.
TechCrunch spoke to 10 top real estate investors about the trends we can expect to see in the next year and post-pandemic. Coliving is featured as a major solution to the housing crisis in large cities, as young professionals look for affordable apartments in desirable locations. The article also notes that while the office might look different with the rise of remote work, people will still want to live in major cities.