HOT & RELEVANT TOPICS
Automation: The Future of Apartment Leasing
Automation that will streamline and maximize the leasing process for community teams and potential residents will see healthy growth in the future. People seeking a rental property usually go with the first community that responds to their search. Automation can help reduce the potential of losing out on leads. While leasing has typically taken eight or more touchpoints to achieve success, automation can reduce that amount to as low as six touchpoints. The addition of personalization can also increase the odds that a lease is signed..
This Year’s Multifamily Pipeline to Set Record
The multifamily industry is expected to add 400,000 new rental units in 2022, with a quarter of those new properties to be built in the cities of Dallas-Fort Worth, Phoenix, Austin, Houston, Nashville and Atlanta. Growth in rentals could be buoyed by an increase in interest rates and single-family housing costs. Cities that are strong secondary markets include Denver, Tucson and Albuquerque.
More Space, Better Amenities Top Renter Preference Survey
With the pandemic allowing more residents to work from home, more space is becoming a top request of residents, according to a recent survey of more than 221,000 renters by NMHC and Grace Hill. The coronavirus is a big factor in other amenities with more than 90% making in-unit washers and dryers their top priority. Other things that potential residents are seeking in a home include air conditioning and curb-to-couch, high-speed internet access..
IN THE NEWS
Rent Prices Turn a Corner as Rent Growth Slows
After almost a year of continuous rent growth that saw an 18% increase in prices, the average rent price in the United States dropped 0.2% in December. Of the nation’s top 100 cities, 61 of them saw a decrease in average rent prices for the final month of the year, indicating that a cool-down is beginning to take place. In the first 11 months of 2021, 99 of those markets experienced rent increases of 10% or higher. In addition to the rent decrease, vacancies inched up to 4.6% from a low of 3.8% in the middle of 2021.
Here Are the Multifamily Markets Poised to Outperform in 2022
Phoenix, Las Vegas, Tampa, Tucson and Albuquerque are predicted to be the leading markets for rentals in 2022, according to Freddie Mac. The western portion of the United States, along with Florida, is projected to see income growth of more than 6% coupled with vacancy rates below the national average. Other cities in the top 10 are Atlanta, Sacramento, Riverside, West Palm Beach and Fort Lauderdale. Much of the migration is being pushed by the desire for more affordable housing and living.
Pet Tech State of the Union: What’s Next in 2022
As the multifamily industry begins to shed antiquated policies, such as breed and weight restrictions, pet tech Is playing a key role in communities’ pet-friendliness. Technology is used to evaluate and track a community’s pet population, as well as help automate some pet-related tasks, much like the tech being used on the human side. However, communities will need to decide how much to outsource and avoid a haphazard approach to allowing more pets..