HOT & RELEVANT TOPICS
A Look in the Mirror: Rethinking Site Operations in Multifamily
The multifamily industry has always been a haven for a variety of employment options that also provided substantial growth and advancement opportunities. However, operating under the current model of “1 team member for every 100 residents” is proving to be a challenge in the current employment climate. Owner/operators can meet these challenges with the use of automation and creativity, including a move to centralization.
Why Resident Screening Must Include Nationwide Checks
More than 15 million households move every year and about three million of those moves are out-of-state moves, making it critical for the multifamily industry to conduct nationwide background checks on any incoming residents. Of the people arrested again within 10 years of their original conviction, 16 percent are arrested in a different state. Having a thorough background check system that is equally applied to all residents will help owner/operators be more successful and provide better communities.
In the Line of Fire: Wildfire Mitigation for Multifamily Housing
According to the National Interagency Fire Center, which began keeping statistics in 1960, there are around 60,000 wildfires in the United States each year that result in billions of dollars in property damage, including apartment homes. With May being National Wildfire Month, multifamily communities can take numerous steps at minimal cost to mitigate possible damages. From creating a barrier zone to public education, communities can take immediate steps to provide residents with a safer environment throughout the year.
IN THE NEWS
How Multifamily Design is Going Evergreen
Going green in multifamily has grown from a suggestion to a necessity as residents seek out more sustainable communities and neighborhoods. About 36% of multifamily developers are working on green projects and that figure is predicted to jump to 47% in 2022. From smart tech to smart materials, multifamily is finding ways to meet the environmental demands expected not only by states and municipalities but residents as well.
Multifamily Investors See Tougher Financing Conditions
Despite the continued demand for more housing, developers are struggling to build as markets continue to tighten and debt and equity financing become less available. The National Multifamily Housing Council’s Quarterly Survey of Apartment Market Conditions showed 83% of respondents believe this is a worse time to borrow than it was three months ago. The one-two punch of rising interest rates and increasing inflation is adding to the concern.
The Business Benefits of Easing Breed and Weight Restrictions
Contrary to popular belief, there is little support for breed and weight restrictions on pets in multifamily communities. Only 24% of residents are in favor of breed restrictions while 53% are opposed and an even lower 20% favor weight restrictions. Removal of these restrictions takes education and preparation, but they can provide a financial boost to communities by widening the pool of prospective residents.