The top storylines in multifamily this week are nontraditional data giving operators an advantage, maximizing your CRM with automation, real estate technology to think about in 2022, the hazards of pet waste, skyrocketing apartment demand, rent growth from pandemic migration.
While some of the 2022 pet scene pertains to new concepts and evolving renter demands, the idea of how to responsibly implement some of the existing trends also figures to be a prominent theme. Here is a look at some of the primary storylines as the year begins.
The biggest multifamily storylines this week: allowing renters to pay more flexibly, cultivating culture, welcoming more pets for business reasons, status of emergency rental assistance, multifamily investment volume in the south and Twitter’s acquisition of Quill.
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 multifamily storylines that matter: Flexible rent payment taking center stage, a record year for adaptive reuse, self-guided tours changing for single-family, the abundance of capital for multifamily, the next phase of the amenity wars and rent growth continues.
Many renters have pets and consider them indispensable members of their families. There are now more pets in the U.S. than children, according to the American Pet Products Association. In fact, 67% of U.S. households own a pet, and Americans spent approximately $99 billion on pets last year.
Apartment operators say fake pay stubs, “synthetic” IDs and other falsified documents have become all too common in the leasing process. While fraud has always existed in the apartment world, industry professionals agree that it has never before elevated to its current levels.
Call it the hidden variable of an apartment community’s pet population—visiting pets. While community teams have steadily gravitated toward crafting pet policies more reflective of the modern resident, these policies oftentimes omit this crucial component.
The stories headlining multifamily news this week: the impact of nontraditional data points, requiring residents to be vaccinated, the evolution of single-family rental self-guided tours, higher wood prices to continue through 2022, student housing strength despite pandemic and industry leaders being proactive as eviction moratorium ends.
Citing a joint PetScreening-J Turner Research study, only one in four apartment residents supports breed restrictions while just one in five is in favor of weight restrictions. In addition, many insurance companies have removed pet breed restrictions from their general liability policies.