When anything is labeled “affordable,” there is a tendency for consumers to envision a lesser product. But in multifamily housing, “affordable” isn’t necessarily a four-letter word.

When it comes to affordable housing, renters need to seek out developers and property management companies that hear “affordable,” and think “strategic.” Affordable housing shouldn’t mean renters have to sacrifice services or amenities, or temper expectations for their living spaces and communities. With a calculated development approach, affordable properties should be virtually indistinguishable from their market-rate counterparts.

From design to property technology and resident events, affordable assets can offer a comparable renter opportunity through strict attention to ROI. So, how can multifamily companies maintain their operating margins while still creating unforgettable experiences at affordable communities?

Curb appeal and construction
Dynamic locations and property designs that capture the neighborhood vibe are a great place to start. Drive-by leads are free and communities whose construction caters to the location’s character will capture more impromptu renter interest. Curb appeal is crucial.

While affordable builds shouldn’t err toward extravagance or unconventional design, they also shouldn’t appear simplistic. Appealing architecture can be accomplished without breaking the bank and designs should always make a statement. In our experience, affordable renters accustomed to being underwhelmed by their options will line up like Black Friday during lease-ups at affordable communities that break the mold.

But construction features can’t be merely cosmetic. Affordable housing isn’t an opportunity to skimp on build standards. Quality fixtures, building materials and components will last longer and retain their value. Higher caliber amenities are better investments than more amenities. Since affordable properties are generally extended holds for multifamily owners, longevity is important. Also, quality construction limits maintenance needs, which saves time and money and ultimately leads to increased resident satisfaction.

Companies that operate as their own developer, operator and property managers have an inherent advantage, as they can oversee a community’s design and construction from the beginning - ensuring it is top-notch from groundbreaking to lease-up.  

Tapping technology
Proptech that delivers a clear ROI will do so at affordable assets just as it does at conventional communities. Community Wi-Fi, smart home hardware and package management solutions are now standard across multifamily and should be considered in new affordable housing developments, as well. Fortunately, most technology pays for itself through time savings and even retrofit projects recover their own costs relatively quickly.

Aside from a few luxury features, the proptech deployed at affordable communities should largely mirror that in place anywhere else in the industry. It’s time to throw away the conventional practice of under-equipping affordable communities. While the ROI speaks for itself on the operator end, affordable housing prospects will view the technology as a substantial upgrade.

In the affordable housing space, we can strategically select innovations by asking ourselves, “What will make the busy lives of our associates and residents more enjoyable?” Creating conveniences through integrations, automation and services dramatically enhances associate productivity and increases resident retention.

Affordable housing also has a daunting verification process, which requires renewal. Operators can ease the paperwork stress and improve compliance through technology tools designed specifically for the affordable side.

Technology isn’t a commodity reserved for market-rate or luxury properties. Owners/operators who recognize the value of proptech in the affordable sector can create a competitive advantage.

Community engagement
In addition to facilitating a low-maintenance lifestyle, affordable operators need to instill a genuine sense of community. With programs in place designed to entertain, educate and enrich residency, property teams can curate the desired community culture. Whether it is programs dedicated to job prep, finance and homeownership, or just good old Taco Tuesday, resident events must be well-executed to generate attendance and build resident engagement.

Properly trained associates, with the skillsets to deliver impactful programming, are key to establishing a nurturing environment that makes prospects want to join and residents stay. When residents see value in their living experiences beyond just a roof over their heads, they become invested in the community. Onsite teams can further the sentiment through attentive property upkeep, creating a safe and welcoming environment, and exhibiting a sense of pride in both the facilities and lifestyle provided.

When executed properly, the physical and intangible aspects of affordable and market-rate communities should be virtually identical. By rethinking the way affordable properties are developed and operated, we can erase the stigma of affordable housing and blur the lines even further.