All the multifamily news you need
Younger generations, who are the primary drivers of the rental housing industry, now expect a living experience that delivers a new level of convenience and comfort. It may sound harsh, but renters may refuse to rent in a community that fails to adequately meet their tech preferences.
Grace Hill today announced the launch of an enhanced online reputation management solution designed to help multifamily communities streamline their online reputation and protect property brands. It also provides a consolidated view of overall performance and key metrics.
The top storylines in multifamily this week are irresistible amenities, improvements to drive NOI, avoiding rent concessions, tech and the human touch, collecting rent in today's economy, pet data, the modern American Dream, maintenance appreciation and Chicago set to boost multifamily supply.
To combat stagnant rent as well as supply issues, many operators implement traditional concessions, which can be short-sighted and more costly in the long-term. Concessions can ultimately be a slippery slope and detrimental to the bottom line and overall property performance.
According to The New American Dream Report recently released by the property software management company Entrata, 41% of renters claim their American Dream has nothing to do with homeownership. In fact, 20% anticipate being lifelong renters, which represents a 33% increase from 2021.
Gone are the days when four walls and a roof would suffice. Renters seeking a community that caters to their lifestyle and goes beyond the basics, and multifamily must adapt to meet these evolving demands. Convenience features enhance resident satisfaction and boost NOI.
The top storylines in multifamily this week are dispelling myths around assistance animals, investors chasing migration, rent stabilization, the renter revolution, successful marketing campaigns, technology and due diligence, luxury struggles in Philly, rent control threats and local housing regulations.
With the need to design and execute numerous marketing campaigns, it's not difficult for marketing teams to find themselves in a rut. A combination of research, data analysis and creative thinking can give campaigns new life. The MHN Executive Council offers advice on boosting creativity.