Service providers in any industry know the secret to repeat business is rooted in how they treat their customers. Regardless of the product, customers expect a top-tier experience throughout their entire purchasing cycle, from the initial search to post-purchase and all the interactions in between.
The top storylines in multifamily this week are the Atlanta market, the perils of “unbroken” solutions, millennials and renting, being hardware agnostic, renewals, website accessibility, headwinds and tailwinds in multifamily, rising rents and construction surges.
When things are going well, people tend to let them be. “If it ain’t broke, don’t fix it” is the standard approach when everything flows smoothly. But, what if those “unbroken” solutions are actually causing hidden problems because all the focus is placed on other things?
The top storylines in multifamily this week are rent reporting to credit bureaus, smoke-free apartments, net operating income, flexible rent payments, app tech that drives resident retention, ChatGPT uses and risks, construction soars, higher-income renters increasing and student housing rent growth.
Momentum is growing among public officials, as well as members of the apartment industry, that residents who pay their rents on time and in full should see a corresponding benefit to their credit histories. Less than 10% of renters currently see payment history reflected in their credit histories.
The top storylines in multifamily this week are finding a good BTR market, rethinking pet restrictions, hoarding solutions, curb appeal is changing, the 2023 spring leasing preview, ChatGPT and multifamily marketing, oversupply won’t last, the math of renting over buying and the affordability crisis.
The top storylines in multifamily this week are pets, training and retention, flexible living, the “E” in ESG, the role of multifamily marketers, the brave new world for leasing consultants, developers sour on the Sunbelt, background checks and a record number of people are looking to move.
It is no surprise that when the market slows down, multifamily operators typically compensate with cost-cutting measures to bolster their margins. While cutting back and finding efficiencies can help companies stay profitable, the belt tightening may ultimately hurt owners both in the short and long run.
The top storylines in multifamily this week are application fraud, strengths-based culture, property marketing, tech implementation, proptech, tech stress, affordable housing, little distress for multifamily in 2023 and multifamily development outpaces single-family.
Amenities play a critical role in the success of a multifamily community. For current residents, they can make or break the decision to renew. Meanwhile, prospective residents will gravitate towards communities that offer amenities that cater to their varying lifestyles.