HOT & RELEVANT TOPICS
Using Tech to Give Onsite Associates a Hand
A human presence will always be necessary for multifamily communities to optimize their success, but technology can be beneficial for assisting with all the tasks teams need to perform. Self-guided tours, package management systems, pet screening and AI are all valuable tech tools to assist owner/operators with creating well-functioning communities.
Strategies for Gearing Up for the Spring Leasing Season
As the weather warms up, multifamily’s annual surge in leasing is not far behind. Communities are gearing up for new prospects by sprucing up their amenities and curb appeal, as well as looking at marketing plans and most importantly, getting their leasing teams prepared. Owner/operators are also looking at ways technology can assist with driving conversions.
The State of Mental Health, Well-Being in the Apartment Industry
As the multifamily industry continues to deal with hiring and retention issues, more than a quarter of the industry’s employees say they are unsure or unlikely to remain with their current employer in the next year, citing unrealistic deadlines, labor shortages and work-related stress as drivers. Equally concerning is that almost the same amount of employees don’t know if their company offers any mental health services.
IN THE NEWS
Sellers Push for Shorter Due Diligence Periods Amid Supply Chain Issues
Multiple industries continue to struggle through supply chain issues, including multifamily. As a result, sellers in multifamily are pushing for shorter due diligence and expedited closings. Supply chain issues affecting third-party diligence providers have resulted in longer waits for buyers to receive reports on properties. In the tight multifamily market, this is another in a long list of concessions buyers are making in their attempt to obtain communities.
Buy, Improve, Repeat: Value-Add Activity Reaches a Fever Pitch
Fix-and-flip remains bullish in the multifamily industry as investors continue to improve properties, raise rents, then sell less than a year after purchase in a quest for quick profits. However, there may be signs that the market is overheating and the housing crunch will soon create a situation where there aren’t enough properties worth adding value to. In addition, some investors are beginning to wonder if quick-selling is the best path.
Zoomers Are Driving the Booming Urban Apartment Sector
Gen Z is driving the recent urban surge in multifamily housing with applications from this age group increasing by 101% over the previous year, according to RentCafe. Zoomers, who account for a quarter of all leasing applications nationwide, are flocking to cities with populations greater than 250,000, bringing an end to pandemic-induced fears of an urban collapse. San Francisco and Jersey City top the list of cities Gen Z wants to live in the most.