There was lots to take in on a recent FRPO Housing Tour to Washington, DC. Their market has some similarities to ours: pricing of new purpose-built rentals is hovering around $ 4.50 per square foot average, small suites [studios and 1 bedrooms] outnumber larger ones, customer management software and on-line application software are commonly used. Parking is going for $175 – $250 per space.
Some fascinating differences:
1. Some buildings are charging for garbage
A “trash valet” will pick up your garbage/recyclables at your suite door nightly. You are welcome to place it in the chute yourself, but you cannot opt out of the valet fee. Tri-sorters are not being used. Apartments are not separating green waste.
2. Amenities are plentiful but some are fee-based
Wine lockers, massage rooms, enormous demo kitchens with wood burning pizza ovens, business centres with computers and printers, golf simulators, a full-time Program Manager to co-ordinate 2-3 events a week for residents [both on-site and off-site]. These are but a few of the amenities at The Collective: a community of 3 buildings [1100 suites]. Residents have access to amenities in any of the three buildings. The fee is $750 annually for new leases and $500 for renewals. The Collective also offers indoor and outdoor lap pools, steam rooms, tennis court, a kickboxing simulator and Jacob’s Ladder in the Fitness Centre, a car wash, dog wash and a dedicated bike elevator. Oh, and did I mention the player Steinway grand piano in the lounge?
3. Conversions are popular
We visited two conversions – one from a university dormitory and the other converted from a hospital. Amenities in these buildings were not as plentiful as the new build and since the dorm never had underground parking – street permits or off-site lots were being offered. The former hospital site, at 700 Constitution, offered incredible ceiling heights – up to 15 feet!
4. Parcel Rooms are replacing Parcel Lockers
Since they are fobbed with cameras there isn’t very much concern about theft. The Concierge does not have to be away from his/her desk to deal with the parcels as long as the room is directly behind them.
5. Transit Screens are cool
These are vertical screens, usually at the elevator lobby that provide schedules for all modes of transportation: bus routes, bike lanes, subways, car shares, Uber vehicles in the area and even the location of 3 different electronic scooter suppliers. The same info can be accessed on your mobile device via an app.
6. Aroma Therapy is In
Taking their cue from the hospitality industry, many Landlords are using ambient scenting to stand out in a saturated market and to create an emotional connection between the prospect and the building. Smell is an important element in the luxury experience. [Did you know that people can remember smells with 65% accuracy after a year, but visual recall is only about 50% after 3 months?]*
You’ve heard the expression “too much of a good thing?” We visited a community with 3 different scents [lobby, fitness and corridors]. It was memorable for the wrong reason. One fragrance to bolster brand identity is sufficient. It can change seasonally, if absolutely necessary.
Kudos to Lynzi Michael, Chloe Hill and Tony Irwin for co-ordinating such a great trip and to the tour sponsor Wyze Meter Solutions. Thanks also to our U.S. hosts from the National Apartment Association and the Apartment and Office Building Association of Metropolitan Washington.
* Cintas Corporation
