All the multifamily news you need
As an extension of smart amenities, a connectivity foundation streamlines the Wi-Fi experience for both owners and residents. Technology is getting increasingly sophisticated and it is more important than ever for operators to ensure community networks are operating optimally.
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.
Several owners and operators share their thoughts about the types of capital improvements likely to prove effective in the current market—and those less likely to work—as well as their optimal processes for determining which upgrades to move forward with.
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.
While the pet-centric policy change is a bold move and sure to attract pet-owning residents, more pets on-site mean more challenges with property upkeep. Fortunately, property teams can take a proactive approach to maintenance to help ensure things operate as smoothly as possible.