The top storylines in multifamily this week are parking pain points, creating a self-starter culture, amenities and events for all generations, digital natives and the rental journey, digital foundation, fraudulent documents, Amazon requiring employees to relocate and the migration to high-risk areas.
As more apartment communities modernize leasing and operations strategies with technology, a strong digital foundation has never been more essential to apartment development and operational processes. Nearly every facet of the apartment leasing and living experience is now enhanced by tech.
The apartment search process has morphed drastically. It’s not enough to smile when a prospect walks through the door. Communities need to appeal to potential renters long before the tour takes place, and they need to embrace and strategically leverage a mix of digital platforms to reach their audience.
There are numerous multifamily properties that can’t even supply parking to all their residents, let alone offer dedicated guest parking. And shrinking parking ratios in multifamily are only exacerbating the problem. The only option is to find a solution that lets you optimize your parking spaces.
Unfortunately, fraud is not a narrow topic in the apartment world. A panel of industry experts discussed the wide-ranging topic at the Apartmentalize 2023 session Catch Me If You Can . . . And I Bet You Can’t, providing a high-level account of their experiences with fraud and what they are doing to combat it.
The top storylines in multifamily this week are the nuances of renewals, women in multifamily finance, training technology, the morphing prospect experience, benchmarking, maintenance training, affordable housing, the effect of apartment construction on rent growth and rent control.
Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., today announced construction is underway on Modera St. Paul, a contemporary mixed-use apartment community centrally located in Downtown Dallas.
Taking a one-size-fits-all approach to leadership and employee recognition results in teams feeling unseen and quickly uninterested. Recognizing potential self-starters, nurturing their ambitions and mentoring them through the early stages of their careers are the best ways to build successful teams.
Data is a key component in the success of commercial real estate but data alone isn’t enough. You need benchmarks to contextualize that data. Industry benchmarks provide a framework for evaluating performance against competitors, highlighting strengths and weaknesses and identifying trends.
As properties clamor to meet prospects in their comfort zone, an often-overlooked component is that of generational preferences. To be fair, the industry hasn’t purely disregarded the topic, as it readily acknowledges that the types of communication preferences might vary.