We all know trends come and go; staying ahead of the game is key to being competitive. Even if you’re catching up, you can still compete, but why wouldn’t you want to stand out from the crowd? Knowing what your residents want is more crucial than ever in today’s society. With people having fewer options and tighter budgets, it’s important to ‘wow’ them the first time. Our world is ever-changing; and the major events of the past couple of years have a real impact on how we live our lives; make decisions, and spend our time. As a result, the hospitality industry has experienced an accelerated and lasting change.
Stratton Amenities would like to go through these recent changes and new trends that have impacted hospitality inside the multi-family industry.
Top trends re-shaping hospitality in the multi-family industry.
1. Luxe Co-Work Lounges and Conference Rooms
Working remotely has become commonplace for many of today’s workforce that is here to stay. As a result, you are seeing a shift towards a more hybrid and flexible approach to workspaces. This means several residents are looking for amenities that feature a mix of private and shared CO-WORK LOUNGES that increase productivity and collaboration. Working remotely can get lonely, but co-work lounges as an amenity in public areas of a residential community allow people to build relationships just like they would with peers in an office setting.
2. Holistic Fitness Experience
Preventative self-care and a comprehensive fitness experience is an industry that is booming due to the recent pandemic. With gyms previously shut down and people looking for more than just a few treadmills and weights, we see an increased interest in a more HOLISTIC FITNESS EXPERIENCE that vial typical gym memberships. Similar to a ‘Staycation’, people are seeking more tech-driven gym amenities, fitness classrooms, stress management, emotional balance, and yoga studios that promote healing and better sleep.
3. Going Green, Sustainability
We all enjoy recycling, but these days being SUSTAINABLE means a little more than that. We all think one person doesn’t make a difference, but in hospitality, one person adds up very quickly, and going green is now more important than ever. With our environment and climate becoming more focused, residential properties are making more small but impactful changes. These include smart home devices such as smart thermostats, smart lights and shades, and communitywide techs such as a mobile app that allows residents to make virtual requests and rent payments. People are becoming more aware of their impact on the environment to maintain optimal conditions.
4. The Ultimate Staycation
With travel restrictions, economic insecurity, and a social crisis as a result form COVID-19; people have turned to creating ‘THE ULTIMATE STAYCATION’. Many people look at staycations as a time to rest and recharge by staying at home or visiting nearby attractions. Offering a good location, unparallel service, and exceptional events are the foundation of a memorable vacation that people can have right at home and decompress from daily pressures.
5. Online Reputation
Even though social media has been around for a while, it has only been truly influential in the last decade or so. Thus, creating a more personalized and immediate connection builds a more positive ONLINE REPUTATION. Along with celebrities and the like, properties are now becoming more visible to the public through virtual tours, online reviews, and social media. With a simple hashtag, prospects can check what others have thought and what their experience was like. They can also gain a more in-depth reality of what to expect, which is highly beneficial in both directions. A short personal-style video can go a long way and is a key way to create ads and market in a more relatable way that distinguishes you from competitors.
6. Embracing Technology
Technology has rapidly excelled in the past few years, especially because of the pandemic. The hospitality sector of the multi-family industry has been greatly impacted by digitalization. Most properties now offer residents greater safety and security, as well as seamless move-in and package delivery experiences. Touch-free technologies such as keyless entry, smart lockers, smart elevators, and smart home tech offering asset protection, can easily boost the resident experience and even determine lease renewals. Though it can be costly to add these features, it truly is an investment for the long run, as technology isn’t going away and is only increasing with its impact on our lives.
7. Pet-Friendly Features
Pets have always had a special consideration in the multi-family industry, but today they are even more vital to pawparents. There is a convenience to having pet focused amenities such as dog parks, pet spas, and pet washing stations that increases the value of a property. Pet-friendly amenities and pet events increase the social component which in return creates a sense of belonging in the community.
8. Personalization
Airbnb is shaking up the multi-family industry and has only continued to do so with its continued increase in popularity but nothing can truly beat the experience of getting taken care of – the PERSONALIZATION of hospitality. It is a unique experience that can only be had while staying at a residential property featuring a front desk or concierge service. Hospitality in the multi-family industry is definitely capable of competing but like most things (even us) every now and then they need to shake things up and update to stay relevant to what people are looking for. Offering exceptional service, personalized touches, rewards for lease renewals, and welcome home touches are just a few ways that the industry is adjusting. Making your residents feel like they are connected and matter makes a difference in the long run.
Hospitality is an industry in general that has evolved over time, but will never cease to exit. It has an ability to adapt and change with new trends and outside pressures that make it exciting to see what’s next.
