HOT & RELEVANT TOPICS
The Things I’ve Learned in Launching a New Management Company
Launching a management company during the pandemic worked out better than Birchstone Residential’s David Deitz thought it would. Even so, he faced numerous challenges in an uncertain environment and gained a wealth of knowledge along the way. His success was bolstered by a “roll up our sleeves and get to work” attitude at his company, as well as avoiding shortcuts in establishing company culture, recruitment and selection of third-party vendors.
The Benefits of Pet Inclusiveness
Judy Bellack of Michelson Found Animals and Jamin Harkness of The Management Group join hosts Karen and Ian to explain how owner/operators can boost retention, gain a competitive advantage and increase net operating income through greater pet inclusiveness. They cover the need to end breed and weight restrictions, as well as myths about pets in multifamily and pet-centric amenities and events.
Reimagining Outdoor Amenity Spaces
Pools, playgrounds and dog parks remain the overall top amenities in communities, but many are adjusting their outdoor spaces to be more flexible, meet the varying interests of residents and even provide a fresh-air workspace for remote workers. They’re also making use of open spaces within a community to host a variety of activities, including outdoor fitness classes, gaming events and community dinners..
IN THE NEWS
Here Come the Multifamily Headwinds
Amid all the happy news of climbing rents and occupancy, investors and operators are looking ahead to the challenges facing multifamily. Inflation and slow economic growth are translating to increased interest rates and income increases that are lagging behind higher rent costs. Some larger metropolitan areas are beginning to see contractions in occupancy rates as migration to the Southeast continues..
Technology Tug-of-War: “Best of Breed” vs. “Bundled” Solutions
In the ongoing battle between best-of-breed and bundled solutions, a majority of multifamily executives are leaning toward the former, according to the 2022 edition of 20for20. Citing the need for innovation and the unrealistic view that it can all come from one vendor, 11 of the 16 executives who answered said they prefer a best-of-breed solution. Their choice was also buoyed by an influx of capital into the sector that created an increased supply of vendors.
Sustainable Buildings Start with Sustainable Materials
Environmental, Social and Governance (ESG) continues to grow in the multifamily industry among both investors and developers. The best way to build a sustainable building is by using sustainable materials. Steel manufacturing accounts for 7% of global CO2 emissions, while concrete manufacturing is responsible for 8% of anthropogenic carbon emissions. Switching to reduced-carbon steel, green concrete and mass timber can help multifamily address a growing issue.