HOT & RELEVANT TOPICS
Make No Mistake: Short-Term Rentals Are Here to Stay
The COVID-induced halt in business and leisure travel meant several short-term rental companies went belly-up during the past year. But providers with sustainable business models have been able to successfully navigate the pandemic – and, in some cases, even thrive. Their resiliency and other factors mean short-term rentals will offer significant revenue potential for apartment owners and operators over the long haul. To start with, the work-from-home trend means more employees will be looking to, for example, spend a couple of months in Denver followed by another couple in Chicago. Apartment communities that offer short-term rentals of furnished units will be able to drive NOI by capturing this growing demand.
Attracting and Converting Prospects Through Your Property Website
In the age of social distancing, an apartment community’s website has assumed more importance than ever. Before the pandemic, prospective renters typically engaged with a site in the very early stages of their apartment search before relying on in-person tours to gather most of their information and make their decision. Now, they’re using websites to comprehensively research properties and to take video tours. Operators must enhance their websites accordingly.
The Power of ‘And’
Too often, apartment operators think of implementing new technology as an either/or scenario. For example, should we offer guided tours or self-guided tours? The answer to these types of questions is almost always “both.” In this instance, operators should provide agent-led tours and self-guided ones. When properties offer leads a real choice in the way they shop for an apartment home, conversion skyrockets.
IN THE NEWS
Developers Are Struggling to Build Garden-Style Communities
Garden-style apartment communities in suburban areas have experienced more demand than their high-rise counterparts in dense urban areas during the past year. But developers are struggling to build more garden-style properties because of surging land and construction costs. Currently, only 3.6% of the proposed multifamily development projects across the U.S. are garden communities.
Keeping Expenses in Check in an Uncertain Market
For many operators, the COVID era has meant a rise in expenses. For example, apartment communities have had to purchase personal protective equipment and ramp up their cleaning efforts while at the same time experiencing a dip in rent collections. To keep their expenses in check, many operators are turning to technology to lessen their dependence on onsite personnel. One property manager is even using cleaning robotics to supplement its janitorial staff.
Making a Statement on DE&I
Events in 2020 and 2021 have heightened awareness of the critical need for diversity, equity and inclusion in the workplace and in all aspects of life in the U.S. In response, both the National Apartment Association and the National Multifamily Housing Council have launched initiatives to help their members build more diverse workforces, mitigate unconscious bias and provide more equitable housing.