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The 2020 City Center Shift to Suburbia

Across the globe, multi-family markets of all types have been impacted by the COVID-19 pandemic of 2020 – having a varied impact on occupancy levels. With restricted amenities, online universities, and the option to work remotely, city centers are simply no longer able to demand the premium they historically did. With the desire for more space, and lower costs, we are seeing an increase in demand and renters in suburban areas with a departure and softening of the urban market. However, real estate professionals are struggling to fill vacant buildings now and are no longer in a position to wait for the future normal to arrive – they need to address today’s normal now. Here are some steps that real estate professionals can take today in order to minimize losses and turn a struggling balance sheet into a healthy financial reflection: 1.Leverage Proptech. One of the biggest advantages real estate professionals can capitalize on when utilizing proptech is the reduction of in person meetings to view/assess a property or a rental unit. By incorporating proptech into your business models you will be a step ahead of the game by having access to more potential tenants at any given moment in time. For example, instead of allocating one appointment slot to provide a tenant with a tour of a property, property managers can incorporate proptech such as VR (virtual reality) technology which provides access to multiple floorplan tours for various tenants at any given time without requiring the property manager to be on si......
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