All the multifamily news you need
Reputation management has always been a delicate balance of publicly acknowledging concerns, working to address them and holding your ground when necessary. The process has become a bit more complicated in the multifamily world during the pandemic.
In general, the apartment market has shown fairly steady improvement since its low points early on in the pandemic. Last week, I urged readers not to worry too much until we saw leading indicators like traffic and leases continue to decline over several weeks in a row.
Onboarding presents a greater challenge in this era of closed offices and social distancing. Edgewood and Vantage’s community managers are great at training new associates when they arrive onsite. The company has a centralized onboarding program to teach new hires the fundamentals.
This week's multifamily news headlines: Reassessing Reopenings Due to Covid-19, The Surprising Application of Maps in Multifamily, Three Things Every Apartment Owner Should Consider and Apartment Market Recover Hits a Bump in the Road.
Traffic and leases were down for a second straight week in most metropolitan statistical areas (MSA), and the national occupancy and leased-percentage rates took noticeable week-over-week dips. The resurgence of new coronavirus cases are part of the explanation.
LMC, a leader in apartment development and management with a vast portfolio of luxury apartment homes across the U.S., officially rolled out the PetScreening platform in June. The wholly-owned subsidiary of Lennar Corporation now offers the service across its portfolio.
Deposit-related legislation has taken on a new dimension. Governments are passing bills that move away from costly deposits completely. A Cincinnati law says that if an operator requires a security deposit, a deposit alternative or payment plan must likewise be offered.
The key to building a rapport with community groups is to engage early. The earlier you engage, the more of their input you can potentially incorporate. By the time you’ve underwritten a concept and obtained investment approvals, it becomes much more difficult to make changes.