The multifamily industry has a turnover problem, but it’s not the resident turnover we primarily think of. The turnover problem is actually one that has been steadily growing for the last decade. Losing a property manager can take a huge transitional toll on how a community functions.
The rent-to-income ratio, one of the primary underwriting measures of a renter’s ability to succeed in a home, is being challenged. Renters’ income is dynamic and volatile. As a renter’s income evolves, so must our tools that enable property managers to best empower renters to succeed in the home.
Financial amenities are emerging as the next distinct amenity offering at apartment communities. From flexible payment options and budgeting tools to credit building, financial amenities help support on-time, in-full payments and boost resident morale.