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.
With more residents spending more time at home during the pandemic, and fewer venturing out to the store for basic supplies, operators have been faced with a flood of packages that has made every week feel like the holiday rush, turning every day into Parcel Armageddon.
SightPlan has announced its acquisition of InfoTycoon, a digital due diligence provider. SightPlan intends to use InfoTycoon’s existing due diligence to extend its existing service platform. This will allow the platform to provide a combined solution that covers the entire property life cycle.
Of the countless ways COVID-19 has impacted the multifamily industry, one of the most lasting effects may be package volume. As brick-and-mortar stores temporarily closed and consumers became hesitant to venture out, renters increasingly turned to online shopping.
Healthy amenity programming, HVAC equipment that provides fresh air, and outdoor space. Those are a few of the wellness choices that Gen Z renters are looking for in their apartment communities today, according to leading multifamily developers, operators, and designers.
From June of 2019 to June 2020, package volume per unit at multifamily communities increased by 59%. In May, renters at those properties averaged more than 10 package deliveries per apartment home, surpassing online holiday shopping levels from 2019.
The multifamily industry’s operations teams are some of the most diverse workforces in the U.S. However, it’s readily apparent at the higher C-Suite and executive leadership positions that the industry’s hierarchy predominantly consists of one demographic.
Six months of paused evictions, lulls in rent hikes and waived fees have helped countless renters better weather the pandemic, but have left many housing providers feeling the pain of lost revenue. Providers are responding by seeking to grow asset value via investment in technologies.
It has become readily apparent that housing providers don’t have the luxury of playing the waiting game until things return to normal. Business as usual isn’t coming anytime soon, which has forced industry leaders to adjust on the fly and modify longstanding processes.
The round, which brings the Company’s total funding to more than $32 million, was led by Iron Gate Capital and Pando Ventures, with participation from existing investors Signal Peak Ventures, Silverton Partners, Seamless, and Venn Ventures.