The top storylines in multifamily this week are the Atlanta market, the perils of “unbroken” solutions, millennials and renting, being hardware agnostic, renewals, website accessibility, headwinds and tailwinds in multifamily, rising rents and construction surges.
The top storylines in multifamily this week are rent reporting to credit bureaus, smoke-free apartments, net operating income, flexible rent payments, app tech that drives resident retention, ChatGPT uses and risks, construction soars, higher-income renters increasing and student housing rent growth.
Like many apartment markets across the U.S., metro Atlanta has seen its performance cool somewhat recently in the midst of inflation and overall economic uncertainty. During the fourth quarter of 2022, same-store effective asking rents for new leases in the area increased by 4.1% year-over-year.
Modern consumer expectations have greatly evolved over the last decade – especially when it comes to shopping and buying. For instance, if consumers make a substantial online purchase, chances are they have the option to pay in increments rather than in-full, using platforms such as Affirm or Afterpay.
Today’s prospective renter experience barely resembles the traditional model deployed in recent decades. It is now fully mobile and self-sufficient, and empowers renters with more control over the process from Day 1. So why does the post-move-in resident app experience often become so convoluted?
The top storylines in multifamily this week are finding a good BTR market, rethinking pet restrictions, hoarding solutions, curb appeal is changing, the 2023 spring leasing preview, ChatGPT and multifamily marketing, oversupply won’t last, the math of renting over buying and the affordability crisis.
According to Berkadia, the construction of build-to-rent homes – single-family houses built for the purpose of renting out – jumped by 30% from 2019 to 2020. A 2022 report by the company also notes that “developers expect build-to-rent homes will reach a double-digit share of new construction by 2024.
In the pet policies of the past, breed and weight restrictions were just as common as collision insurance within an automobile policy. Essentially, all rental communities had them, and it was part of the landscape. Slowly, that mindset has begun to shift—and those eliminating these pet restrictions have reaped the benefits.
The top storylines in multifamily this week are pets, training and retention, flexible living, the “E” in ESG, the role of multifamily marketers, the brave new world for leasing consultants, developers sour on the Sunbelt, background checks and a record number of people are looking to move.
It is no surprise that when the market slows down, multifamily operators typically compensate with cost-cutting measures to bolster their margins. While cutting back and finding efficiencies can help companies stay profitable, the belt tightening may ultimately hurt owners both in the short and long run.