As the internet and SaaS technologies continue to change how and where people work, so too is the real estate landscape changing. Turns out work from home has morphed into work from any home. The housing market has adjusted to the new breed of corporate wanderers looking to enhance their work-travel experiences.
In recent times, the real estate industry in New York has seen a dramatic shift in consumer demands and priorities. New work-centric spaces are springing up to cater for digital nomads’ sporadic stays, flexible work-life balance, and shifting behaviors toward hybrid working arrangements.
Here are four ways in which digital nomadism has changed the housing industry in New York.
Demand for Corporate Housing Continues to Rise
The impact of remote working has presented a new arena in which digital nomads seek short-term rentals that suit their needs right away. Corporate housing in NYC has emerged to appeal to any business traveler who doesn’t plan on staying in a location for the long-term.
A corporate apartment provides the renter access to all the comforts and amenities of a standard apartment. Because it’s designed for people to live in – as opposed to vacationing—corporate housing offers a “homey” atmosphere that is both functional and inviting.
Typically larger than a standard hotel room, a corporate apartment can be a single-family house, a condo, or a townhome. Usually, the best ones include the following features and amenities:
- Fully furnished units complete with equipped kitchen, private bathroom, housewares, linens, utilities, etc.
- A quality workspace with comfortable chairs, desks, lighting, etc.
- Fast and reliable Wi-Fi connectivity.
- Quiet, soundproof spaces to conduct Zoom meetings and take calls without interruption.
- Community activities like on-site fitness centers, swimming pools, clubhouses, outdoor grilling areas, etc.
- 24-hour support for finding local grocery stores, healthcare facilities, restaurants, and more.
- Flexible or month-to-month lease terms.
New Home Sizes Are Taking a Downward Trend
Dedicated spaces for home theaters and media rooms seem to have “fallen out of favor” among the new division of house renters.
Digital nomads are able to stream and watch their favorite movies and shows on their smartphones, tablets or laptops anywhere in the house. Consequently, spaces designed exclusively for entertainment are increasingly becoming superfluous.
The size of new homes is trending downward. More than ever, people who work from home are on the lookout for spaces that can serve multiple purposes.
In addition, people who spend most of their time working from home are dying to go out and meet people. They don’t want to spend their leisure hours at home. That is another reason why the home entertainment factor continues to dwindle, resulting in reduced home sizes.
The Rise of Remote Co-Living Spaces
One of the biggest trends we’re seeing in the real estate scene is the rise of co-living spaces. In New York, these community-focused properties now account for at least 3,000 beds with more in the pipeline.
Co-living spaces can accommodate five or more adults who share kitchens, living rooms, and co-working spaces. Generally fully furnished and short-term, these co-living spaces are cheaper than standard rentals and have more flexible lease terms.
The shift toward co-living is directly influenced by the desire for flexibility. More and more digital nomads are opting for co-living arrangements because they’re able to move from job to job or city to city without breaking the lease agreement.
For example, if you are working in New York but have a gig in another city, you can move out of a co-living space without any ramifications. This flexibility in lease terms is what is driving digital nomads to rent by the room and share living areas.
Apartment Layouts Are Changing
Digital nomadism has also prompted a shift in apartment designs across major US cities. Newer residential apartments in New York now include lounge areas set up as shared workspaces for residents.
In the meantime, developers are busy modifying apartment layouts to allow residents to set up their home offices. Remote workers can now choose floor plans that include an extra space to accommodate a home office.
The additional space, which can reach up to 10 sq. ft. in size, provides a dedicated space for working at home. Residents can also transform these spaces into an art studio for kids or a place to display artwork.
A handful of new luxury condos in New York also come with small “flex rooms” specially designed for digital nomads. The designs give renters the bonus space they may need without actually paying for it.
From Temporary Home To Lifestyle
With technology disrupting how people develop their lives, there is no doubt that digital nomadism is here to stay. But today’s digital nomad requires much more than a temporary home or lodging solutions; they’re looking for unique experiences.
What this means is that property managers must consider lifestyle and inspiration if they’re to attract digital nomads. More focus should be made on creating exotic live-work spaces that would make any digital nomad feel special and pampered.
