It may not exactly be “adapt or die” for apartments in the changing world, but it is adapt or wither. Luckily, says Greg West, CEO of ZOM Living, apartments have already started many of the adaptations they will need to survive and thrive.
In our latest podcast, host Dean Wehrli and Greg discuss short-term and long-term trends in the apartment market.
Greg West, CEO, ZOM Living
While the apartment market will likely struggle over the next year, development will continue. Greg just closed on 2 apartment development deals and expects to close on 2 more soon. ZOM builds about 3000 apartments every year.
Apartments will have to change, however. Though Greg believes the impact of COVID-19 will be milder than many believe and more in the short term, the sector will change. This change will primarily be the acceleration of some trends that are already under way:
- Millennials were already shifting to the suburbs because they were having kids.
- Keyless apartment touring was already growing.
- Working from home was already a trend because laptops were all that was necessary for many to get their work done.
- Home office spaces don’t need to take up much space.
- Office and meeting spaces within the community amenity space were already in place.
All of these trends will be sped up and expanded as COVID-19 shifts how we want to live.
There will be changes in apartment design as well. One interesting design shift is that smaller one-bedroom plans are being located in rooms with no windows. This gives the main living space full window exposure, and the light can be enjoyed all day. That is important for those working from home.
If you want to hear more about how apartment market and design trends will change in a COVID-impacted world, listen to the full podcast now.