Do You Have Too Many Cooks in the Renewal Kitchen?
by Kevin Murphy
Many multifamily organizations involve several departments and people when it comes to resident renewals with little guidance as to who is ultimately responsible for achieving the company’s goals. Each department approaches the task with different timelines and ambitions, which can muddy the process. In order to boost rates, the industry needs to let go of common approaches and look to new methods and technology.
Combat Rent Growth Decline: New Revenue Streams
by Doug Pike
As rent growth declines in many regions in multifamily, the industry needs to turn its attention to new revenue streams that will grow net operating income and counter the decline. Flexible leases, EV charging and repurposing package facilities are a few ways to bring in more money.
Employee Retention Effort Can Begin Earlier Than You Think
by Lauren Niziol
The continued growth of multifamily means a growing need for property managers. There will be more than 33,000 job openings for PMs over the next eight years, according to the Bureau of Labor and Statistics. This high demand means retention efforts must begin at recruitment.
The Changing Tides of Lease Renewal Improvement in Multifamily
by Andrew Ruhland
Multifamily operators are looking for new ways to retain their current residents when leases expire, and they’re turning to technology to provide automation and hyper-personalization. Some focus should be placed on retaining residents before they even move in, and technology allows this process to begin at the first sign of interest.
How AI Can Best Serve Multifamily
by Tiffany De Alva
It’s unlikely that artificial intelligence will be able to replace humans completely in multifamily, which relies on personal contact to bring in prospects. However, AI can be highly effective in handling repetitive tasks, such as information gathering, engagement and lead nurturing.
Read the article in Multifamily Insiders
Current Climate Data of Little Use to Businesses
by Erik Sherman
Climate change is a real threat to the commercial real estate industry, including multifamily, increasing costs and risk. Unfortunately, access to much of the data on climate is limited and often expensive, making it difficult for the industry to make informed decisions.
Read the article in GlobeSt
Maximizing Multifamily NOIs Through Flex Living
by Laura Calugar
Maximizing net operating income is always a main focus in the multifamily industry, but tougher economic times have heightened the need. Lisa Yeh, chief operating officer for Sentral, believes that flex living elevates the experience for both the owner and the resident, attracting a segment that is seeking shorter lease terms.
Multifamily Developers Look to Slow Amenity Space Race
by Emily Wishingrad
Attracting and retaining residents requires a good mix of community amenities, but the race to offer the best is taking a toll on the bottom line of many owner/operators. Some are seeking to slow down the amenity battle, reworking the scale and scope, in favor of healthier financials.
Read the article in Bisnow
Here Are the Cities Where Apartment Rents Are Still Rising
by Barbara Ballinger
Rent growth has slowed overall in the multifamily industry, but there are still a number of markets that are bucking the trend. Raleigh, N.C., Cleveland and Charlotte are all experiencing double-digit growth, while other areas in the Midwest and West are also seeing increases.
Read the article in GlobeSt