HOT & RELEVANT TOPICS
Making Business Intelligence Intelligent
Whether it’s the sheer volume of data, the inability to integrate it or the challenge of understanding what business intelligence is housed within, the multifamily industry often has trouble quantifying data. The industry can make headway by adopting some best practices that will ensure these metrics can be used to fuel data-driven decisions. That includes proper storage and cleaning of the data, the use of automation to eliminate flawed or duplicate data, integration and standardization. Perhaps most important in developing a data-driven culture is asking the right questions pertaining to the types of insights you’re seeking.
Lifting of Mask Mandate in Texas Draws Mixed Multifamily Response
Responses ranged from cheering in the hallways to wondering why a state would opt for such a measure so close to the end of the pandemic. Texas Governor Greg Abbott’s decision to lift the mask mandate in Texas, effective March 10, certainly was a hot topic in the state. Texas-based multifamily operators are wrestling whether to continue to keep mask protocols in place for their team members and residents while in common areas. Many are allowing employees to choose the method they are comfortable with, but not requiring masks. Others, such as Camden, will continue to require masks for team members and those entering common areas.
Nearly One in Four Residents Cite Their Pet as Reason to Move
To many, pets are like their children. And if your child isn’t welcome—or won’t be comfortable—at an apartment community, there is little chance you’d live there. And make no mistake, if pet policies and accommodations limit the pet experience, residents certainly will move on. A study from the Pet-Inclusive Housing Initiative revealed that 24% of residents have moved because of their pet, which equates to approximately 5.5 million Americans. According to Vince Wong, apartment communities can keep these pet-owning residents in their buildings by adjusting their pet policies to be less rigid.
IN THE NEWS
NMHC Makes Expanded Commitment to Diversity, Equity and Inclusion
The National Multifamily Housing Council has always been on the proactive side of the diversity and inclusion spectrum, but a tumultuous 2020 underscored that the apartment advocacy group could do more. As such, NMHC is spearheading numerous new initiatives, including its first Racial Equity Event (it took place Feb. 25), which follows the June 2020 unveiling of the NMHC Racial Equity Task Force. Additionally, NMHC has signed on as a $100,000 Founding Diversity Partner with the Real Estate Executive Council. NMHC has also engaged The Cee Suite, a black- and women-owned talent management consultancy, and Enterprise Community Partners, a nonprofit that addresses the nation’s affordable housing shortage.
RPM and CF Real Estate Services Join Forces
A sizable multifamily merger took place this week when Texas-based RPM joined forces with Atlanta-based CF Real Estate Services. The combined organization will operate under the RPM brand and manage more than 84,000 apartment homes spanning 17 states. RPM, formerly Roscoe Property Management, ranked No. 42 on NMHC’s list of top apartment managers in 2020 and added approximately 19,000 homes to its 38,000-home portfolio last year. Leaders from both companies will form a collective executive team.
Are Single-Family Rental Values Becoming Inflated?
It’s the hot new sector, which means plenty of investment dollars are being thrown its way. But is the single-family rental market becoming inflated? Opinions varied at the GlobeSt. Apartments Spring 2021 virtual conference. Some believe the rising prices for these assets might be prohibitive to a solid long-term investment. Others, such as Trevor Koskovich, president of investment sales at NorthMarq, believe the opposite. “It’s a huge part of where we’re going,” he said. “I think it’s going to triple or quadruple in size in America because we’re going to have a lot less homeownership just generally speaking over the next 20 to 30 years, which means rents are going to increase.”