Although travel remains in the doldrums, most hotels have started their operation. Although the hospitality sector has seen a vast loss in the last few years, policymakers see in the current situation a chance for taking advantage of the increasing demand for affordable housing units. If you gaze at the western world, you will see an extensive need for affordable housing units ever since the pandemic broke out says Maxwell Drever.
The federal and state governments have introduced countless programs and initiatives to address this issue. More so, the gap between the demand and supply of workforce housing units will grab attention. Remember that conversion of erstwhile properties and hotels into supportive housing units has become the need of the hour. It is because most individuals are on the verge of homelessness. To save these vulnerable sections of society from eviction, various hotel owners and landlords have come forward to reap this opportunity and tackle the challenge.
Assess the property
One of the first steps hotel owners have to undertake is examining the property. Remember that housing units are very different from hotel rooms. Hence, the repurposing of each apartment will require effort and time. Moreover, grabbing the help of professionals for initiating the project blueprint is necessary.
Look at governmental initiatives
As mentioned earlier, various federal and state governments have introduced different policies and strategies. Most of these remain targeted towards helping real estate investors and hotel owners. Hence, it is the responsibility of the latter to understand these policies in detail. Maxwell Drever explains that each of these policies is for the benefit of the hotel owners. Hence, hotel owners must understand these in particular, whether in funds or resources.
Repurpose the rooms productively
That’s a viable question. One of the most vital aspects that hovers the mind of hotel owners is the transition of the rooms into a home-like environment. Remember that you are trying to cater to the workforce population who wants to live near their job location. Hence, you have to convert the entire room into a home-like atmosphere. Thus, fundamental necessities like a fridge, television, microwave, or cooktop must be there in the room. Along with this, Maxwell Drever elucidates that people must give special attention to privacy. If you do not create hotel rooms accordingly, you will not feel at home.
Since hotel conversion has become an ongoing trend, various property owners are looking at it as an opportunity to earn benefits. It’s because the demand for a workforce-housing unit is always on the rise. Hence, grabbing regular income from this opportunity seems promising. As a result, various landlords are converting their existing vacant hotels into residential units. By paying attention to commercial building codes and the requirement of residential units, they are retreating from their properties. Hence, one thing is for sure the conversion of hotels into workforce housing units is beneficial for many sections of society. Affordable housing is a distant dream now.