More Amenities For Affordable Housing?

 

 

Although it is understandable that real estate investors, developers, and brokers not involved with affordable housing don’t pay attention to it, there are lessons to be learned from how it is planned. As the below linked article demonstrates, new developments have taken to addressing local concerns. One way to look at the situation is that some amenities for affordable housing residents do not come at the added expense of the builder or developer. Some of them do, such as a development in the Boston area which includes a day care center.

Other appealing amenities include proximity to public transportation, like the example cited in Chicago steps from an L train station which is minutes from downtown. There are many landlords of affordable housing, especially for what is still called “Section 8” (despite the name change), that do not spend on improvements or worry much about amenities which better serve the residents. Those properties which do often are not entirely or majority occupied as being affordable housing.

There is a lot to be said for being able to offer amenities as an incentive for affordable housing tenants. Although the vast majority of tenants do not wish to do anything which could jeopardize their status, having specific reasons to keep them as residents within your property helps to keep it at or close to 100% occupancy. Having “happy” long-time tenants often provides an easy reason to delay unit maintenance and improvements for months or years longer. One example would be saving money by having multiple units painted every few years instead of needing to do so one at a time as vacancies allow or demand.

If your building is in, or planned for, the same community, or your group is considering an area with affordable housing, knowing what amenities and features appeal to local residents and which potential tenants look for (or may be expecting) could be crucial toward their decisions on where to consider and apply.

It is difficult to keep track of amenities and features being offered nearby, and more of a challenge to monitor what is happening around the country. Knowing of local advantages and opportunities could result in your property being “first in” for 100% occupancy. Let’s discuss assessing your current and upcoming property choices and how many advantages we can offer you and your team!

https://naahq.org/news/how-affordable-housing-helps-transform-communities-and-lives