HOT & RELEVANT TOPICS
The Pet Effect on Resident Satisfaction
One of the few silver linings throughout the pandemic is that people have been able to spend more time with their pets. Apartment operators should take note as they clamor to keep resident satisfaction levels at a reasonable level. Seeing that pets offer numerous mental health benefits and residents in pet-friendly rental homes stay an average of 21% longer, onsite teams can often elevate resident satisfaction by boosting pet-friendliness. Whether it’s by easing restrictions, adding pet amenities and services or reassessing pet limits, communities can create happy renters who are much more likely to renew.
Unboxing the Package Problem
Online shopping has become the norm for apartment renters and the Covid-19 pandemic has accelerated the volume of packages arriving daily at multifamily communities. It’s already Black Friday every day, and the holiday shopping season will only amplify the issue. According to a consumer survey, 59% of holiday shoppers plan to shift more toward online purchasing this year. The lack of dedicated onsite package storage space has already become a problem. Companies are either looking for ways to increase storage capacity within their communities by expanding package rooms or locker systems, or seeking PropTech solutions that provide off-site package storage.
What if Porsche Ran a Property Management Company?
Porsche’s production line is built on efficiency, organization and perfectly executed processes. Those principles can be applied to leasing offices to improve conversion percentages by delivering the right type of engagement to the right customer at the right time. It may take a complete overhaul of the current processes to create the desired operating leverage and NOI through excess demand creation. But, by designing a leasing plan that focuses on the prospect and renter desires and delivers on those desires without wasting time and effort, apartment operators can create their own well-oiled machine.
IN THE NEWS
Are Your Buildings Ready for the Winter of Covid?
The first full winter of Covid-19 is coming, and apartment communities need to be prepared. In addition to typical winterization procedures, this year operators need to ensure that they have vendors and supplies lined up in the event of resource shortages. Properties have to be prepared and equipped to properly maintain indoor spaces as they become increasingly popular. Have virtual programs been planned to replace in-person resident events, should they need to be canceled? Are staffing protocols and virtual leasing systems in place should a surge in the virus require offices to close again? Fortunately, operators have the policies that were implemented during the spring and summer to lean on but planning and communication are key.
Prop 21 Failed, But the Rent Control Battle Will Continue
Last time it was Prop 10 in California. This time it was Prop 21, another measure aiming to enact stricter rent-control measures within the state. Again, it failed as voters seemed to recognize many of the negative effects rent control can create, but odds are that the state hasn’t heard the last from rent-control proponents. While only a California measure, the entire multifamily industry closely keeps tabs on these propositions, because once passed they quickly set a standard for what is expected across the nation. The vote needed a simple majority to win but failed on an approximate 60-40 split.
Renters More Impacted by the Pandemic Than Homeowners
According to a survey by Redfin, 39% of renters experienced a loss of wages during the pandemic compared with only 30% of homeowners. That has further widened the wealth gap between the two. “Renters who have lost jobs or wages are likely dipping into savings for daily living expenses, pushing homeownership further out of reach,” said Daryl Fairweather, chief economist at Redfin. It wasn’t completely negative for renters, however. In fact, 44% said they were in better financial shape than a year ago compared with 37% that said they are worse off. The respective percentages were 50 and 22 for homeowners.