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.
Apartment operators didn’t always have a bevy of data at their fingertips to help steer them toward more intuitive property procedures. But that’s no longer an excuse, as newfound pet data has made a compelling case for operators to overhaul their policies.
This week’s top multifamily storylines: motivating today’s property management associates, creating value in today’s value-add properties, the pet amenities residents want, thriving single-family rentals, full-service experiences and thoverheating apartment markets.
It’s easy to forget that self-guided tours long been an important part of the professionally managed single-family rental space. Single-family operators have been leaving keys in drop boxes for residents to independently peruse homes for several years.
It’s all in the amenities. However, certain amenities have a more profound impact than others. According to the 2020 Pet Policies and Amenities in Multifamily report, pet owners said that where they choose to live is significantly based upon the types of pet amenities that a community offers.
When property management companies lose staff, they must place more responsibility on a smaller amount of employees, leading to burnout and instability within the group and at the individual buildings. Additionally, employee turnover wastes time and can be costly in the long-term.
Buy an apartment community in need of upgrading, perform the needed renovations, boost rents accordingly and drive impressive returns. But just because apartment companies frequently undertake value-add projects, it doesn’t mean success in these endeavors is easy.
The top stories this week in multifamily: the power of instacaptions for multifamily marketing, tapping the capabilities of interactive sitemaps, attracting and converting prospects, rent increase predictions, smart home features that matter to boomers and the next big thing in apartment touring.
Part of the charm of the multifamily industry is that a wide variety of tactics can be used to achieve results, and virtually every operator has a unique strategy. Those divergent methods certainly apply to how operators handle their construction processes, as well.