Maxwell Drever unfolds the benefits of transforming hotels into affordable housing units

When the pandemic hit the world, it shattered not just the lives but the different businesses too. Travel restrictions and lockdown turned the hotels and stay-in accommodation empty says Maxwell Drever. More than 80% of the hotels went without any booking for almost a year. Many hotel employees and staff went redundant due to financial setbacks. Meanwhile, there was a severe shortage of housing across the country, and renting accommodations became unaffordable. 

Government shares the facts!

The National Association of Realtors (NAR) released a report stating that the current scenario increased the number of states with low-income households (families earning less than 80 percent of the median income). The low-income families typically spent 30% of their income on rental in 2019, which was more than double that in 2017. Constructing affordable housing solutions became more challenging every year. 

More people went home-less and came on the streets; this increased petty crimes and unrest. There are many options of affordable housing units but, one of the ideal ones was converting the existing hotels into homes.

Maxwell Drever transformed hotels in distress into affordable workforce housing units. It is a win-win situation for both – people seeking accommodation and hotels. Many hotels to housing conversions brought simple and inexpensive dwelling units. The hotel and motels are gradually converting into multifamily housing units.

The rents are very low and way below the current market rates. It is a brilliant and quick approach to fulfilling the rising demand for cheap housing. There is zero construction cost, and it becomes easier to offer people living in city areas (closer to work) a better accommodation option.

Maxwell Drever mentions the outstanding features that make the whole scheme a success!

  • Adaptive re-use is the need of the situation. It caters to problem-solving for both parties.
  • New constructions result in non-economical options and less environmentally-friendly choices. 
  • The hotels add basic facilities like laundry, large cooking areas, community halls, and other facilities to the housing solutions. 
  • The hotels are house-like structures with decent size rooms and toilets.
  • The families get better heating and ventilation with hotels set up.
  • Many of the rooms have a basic built-in kitchen for quick breakfast or meal preparation.
  • The rents of such accommodations are almost 20% lower than the average rent of an apartment.
  • More homeless families can fit in one hotel than providing individual housing solutions.
  • The rental contract is shorter; therefore, if any family is willing to move out or in the process is less tricky.
  • The housing solutions reduce people on the streets, which means less home-less and lesser corruption.
  • Older and distressed properties are coming into use with minor restoration services.
  • More than 10% of the hotel housing has senior citizens living with assistance.
  • The scheme supports students with no housing option.
  • The hotel to housing is ideal for working people as it is within city limits.
  • More than 60% of the multifamily housing and healthcare workers support government plans of mass hotel conversions.

Maxwell Drever also advises considering the option of investing your hotel into a housing scheme. Or, if you are looking for an alternative to cheap accommodation and save some commuting time to work – look for multifamily accommodation options.