Property managers need a package solution that consolidates package services and drastically reduces the number of delivery personnel who require access to the property on a daily basis. By limiting foot traffic in and out of the building, operators can also limit the potential for exposure.
The impact of pets on resident satisfaction, fixing the package overflow problem, what Porsche can teach us about property management, getting buildings ready for a Covid winter, the never ending rent control battle and the impact of Covid on renters vs. homeowners make up this week’s multifamily industry headlines.
Fetch, an off-site package solution for multifamily communities, predicts that the onslaught of packages will be a lasting effect of the pandemic. Year-over-year package numbers increased by 39% in March and 48% in April, but then skyrocketed 58% in May and 63% in June.
As apartment operators clamor to provide a happy and healthy living environment, the presence of pets at their communities should not be undervalued. 66% of pet-owning residents say that their pet has brought them closer to their neighbors.
November rent payments, meeting goals with ancillary revenue, preventative maintenance for the holidays, young renters moving back home, Trump’s Fannie and Freddie plans at risk and how the pandemic is hampering apartment construction headline this week’s Industry Trends Report.
There are still strategies for developing a competitive edge. Operators who have been able to think along nontraditional lines have reaped the rewards, and some have managed to drive revenue and establish a competitive advantage in their markets thanks to an innovative approach.
Many apartment operators have chosen to pause renewal increases, waive a number of fees to current residents, and have not pushed rent growth as aggressively as they would have done under normal conditions. This has significantly impacted planned budgetary and revenue goals.
This week’s top multifamily stories include operational lessons from the pandemic that are now best practices, increasing multifamily salaries, responding to negative reviews, the impact of ground-floor grocers on asset value, the NYC rent slip and the most popular cities for millennials.
Prospects expect to see a variety of review content, and often are more concerned with how well the community is addressing resident concerns. The adverse impact of a negative review is lessened if the community team is handling the concern in a friendly and effective manner.
Building a CRM playbook, implementing new technologies in a scaled back manner, dealing with more support animal accommodation requests, suburban apartment growth, affordable housing opportunities and Gen Z fitness preferences headline this edition of the Industry Trends Report.