Developers and real estate investors are converting hotel rooms into affordable housing units to help the workforce. Low-income families get relief by renovating former hotel rooms and creating new residential units. You must be thinking, what is the use of this concept? The answer is the increasing demand for affordable residential units. These properties are at a reasonable rate and available in the city centers. Since they are close to the industrial hub, they are the best shelters for workers and laborers. The workforce population, who are the major service providers of society, requires shelters near their job location. Hence, they rely upon these projects since it is associated with their job security.
Why not new construction?
Construction is a time-consuming and expensive affair. Hence, the transformation of broken hotels into residential units is a much more cost-effective alternative. These projects might bring in better revenues in comparison to new construction. Maxwell Drever holds that the process does not take much time as construction takes. Since the compatible ground is well-developed, more and more individuals are turning towards transformation and not construction.
The role of permanent homes in shaping people’s lives
The final result of the hotel to housing transformation is apartment buildings in the city centers. Remember that the industrial areas require more and more residential units because the industries need a smooth flow of labor.
- Hotel rooms getting transformed into apartments and residential properties is significant for senior members and the workforce.
- The landlord can use the monthly rent from these apartments in multiple areas.
- Renovation of hotels into residential units would require introducing kitchen areas and living rooms and redoing the bathroom so that it looks like a home.
- Remember that hotel rooms are very different from residential units. The common area and overall structure of hotels are very different from apartments. Hence, creating a home-like atmosphere will be a challenge for hotel owners.
Requirement for more projects for the betterment of society
Renovation of the common area includes remaking the living room, kitchen area, and community room. When the workforce population gets an affordable place, it provides them better engagement in the job and develops a community feeling. Maxwell Drever believes that the affordable residential unit with additional facilities like a swimming pool, spa area, garden, and gym work as a green signal. Moreover, hotel owners must work on the building exterior to make it livelier. These days’ hotel owners are also adding a community garden to increase the overall appeal. Proper planning and execution are fundamental for hotel conversion or creating an affordable residential unit.
Ground-up projects of affordable residential units require governmental support and initiative. These projects need more financial backing and regulatory help. Municipal corporations can transform the scenario by relaxing the zoning protocols and building codes and bringing more affordable residential units into the market. The problem is not new. Hence, every individual must come forward to support this initiative and make a positive difference.