The world we live in is changing fast. Apartment owners are wise to keep their buildings affordable and financially sustainable.
To avoid becoming outdated fast, there are some new features that are quickly becoming must-haves. Make sure these are on your list of value-add improvements over the next few years.
1. Drone Drops
Google and Amazon have been delivering by drone for the last three years already. The number of commercial drones is expected to grow 4x in the next few years. Residents will be able to get everything from books to gifts to coffee and ice cream delivered by drone from big web sellers and local merchants. Apartment owners are going to need a clear and designated spot for these packages to be air dropped throughout the day.
2. Package Acceptance Lockers
For all the things that don’t come by drone, apartment owners will need package acceptance facilities. You don’t want to have to hire more humans to man your own in-house mail room. The liability is too large. The cost of labor and dedicating more leasable square feet for all of these online shopping packages are just a waste. There are locker solutions that can be bought or leased to solve this already.
3. Electric Vehicle Charging Stations
By 2025 many countries and local authorities have set goals for banning the sale of gas vehicles and mandating the use of electric options for commercial fleets. So far even the greenest-minded renters have often been held back because it just hasn’t been practical. You’ll have a greener and cleaner community with these charging stations, and help everyone stay in compliance.
4. Resident Growing Areas
One of the hot features coming to market is resident gardens. Now they don’t even have to wait on the farmer’s market. Community or individual small plots for residents can help them eat well and stay healthy while doing a lot for the environment. These are very affordable to set up for operators. Rooftops can be one location, as well as replacing parking spaces which are no longer needed thanks to Uber.
New net zero mandates and rules demand that all new buildings and those undergoing substantial renovations must be run on solar in some areas. The more multifamily operators can get ahead of this, the better. It’s a great selling feature, can offer more long term profitability, and in some cases will be an additional revenue stream.
6. Rainwater Harvesting
While the buzz about the water crisis seems to have been drowned out, for now, it is our most precious resource, and the fight to control it is happening in the background. The more sustainable owners can make their buildings, the more stable they will be in producing returns as well.
ABOUT THE AUTHOR
Bill Zahller is the President of Park Capital Properties and resides in Asheville, NC. As a Multifamily Real Estate Investor and Syndicator, he founded Park Capital Properties in 2016 after 14 years involvement in real estate investment. He works with accredited investors and professionals who are interested in real estate investment, diversification, and financial freedom.
Bill has been flying since high school. His father was a Naval Aviator and Captain for TWA. Bill has been flying professionally for over 25 years, 23 of those at his current company. He has accumulated over 12,000 hours and 7 Jet type ratings. He has also held Instructor, IOE Instructor and NRFO pilot positions with a large fractional flight company. He is currently flying the Global 6000 in a long range mission capacity. This keeps it interesting – one week its Beijing or Sydney; the next Rio or Rome.
Bill is also the founder of the Asheville Multifamily Investor Club. Visit www.ParkCapitalProperties.com for more information.