People love to travel in style, so why not live in style? As the multifamily market continues to boom, and we see an increase in the development of new multifamily units, the competition is fierce, and operators will need to implement new ideas and amenities to stand out. The multifamily market could learn a lot from the hospitality industry, here’s how.
Technology
Using an app on a phone to check in and out of a hotel is technology that can also be used within the multifamily sector in regard to apartment move ins and move outs. Hotels have established applications to rate the kind of service a guest received during their stay, which can also be used to rate apartments. Many hotel chains have started programs to offer perks for feedback via online ratings and reviews. They are enhancing their social media presence to stay relevant and top of mind, which is something apartment complexes can also do.
Design
Common spaces and hotel lobbies offer exceptional areas to relax. In hotels you will often see guests relaxing in the lobby checking emails, sitting by the fire or having a drink with a friend. The same concept relates to multifamily communities’ common areas. These spots are intimate, but also communal.
Partnerships
A lot of hotels partner with spas and other retailers to have a presence within the development of specific hotels. Regional stores and restaurants offer a big opportunity for multifamily community owners because more residents are seeking homes that offer unique dining experiences and specialty retailers. Certain apartment communities have partnered with nearby retailers to establish loyalty programs where apartment residents can receive discounts or freebies.
Location
Hotels often look at location as one of the prime factors in development. They want to be in a convenient location for guests to walk to nearby shops and restaurants while also enjoy easy access to freeways and other big venues. The same goes for apartment complexes. As millennials continue to rent, rather than purchase homes, they are looking for a very live-work-play driven complex that caters to their want for increased walkability.
Merging of Concepts
Something we have seen recently emerge is the merging of hotels and multifamily complexes. For example, the Statler Hotel in Downtown Dallas is both a hotel and has residences. There are plenty of other hotels that offer premium residences like The Ritz-Carlton. The merging of these two concepts only furthers the ambition for multifamily units to learn and mirror how hotels operate in regard to customer service, functionality, and design.
Multifamily spaces can learn plenty from the hospitality industry from design to technology to services and even how they brand themselves. The goal is to be an all-inclusive residence that caters to every renter’s wants and needs without having to sacrifice on customer service or quality. The opportunities for multifamily owners are limitless when taking advantage of how the hospitality industry has led the way in customer service.