THOUGHT LEADERSHIP
Beyond Four Walls: Crafting Irresistible Amenities
by Danielle Archuleta
Renters have high expectations when choosing their next apartment, seeking a home they can customize and a community that meets their needs. Besides spaces that fit their lifestyles, residents desire convenience features that enhance their experience. Understanding their wants is critical to drive resident retention and boost NOI.
Read the article in The Multifamily Journal
Community Improvements That Drive NOI
by Paul Willis
Improving a community is a continuous process for owners and operators, who want to move ahead of their competition or at least stay even with it. Concentrating on the basics, making things easy for residents and ensuring that changes add value are key to making effective capital upgrades.
Attracting New Residents—Without Concessions
by Robyn Friedman
When vacancy rates climb, it can be tempting for multifamily owners to offer concessions to prospects. However, this reduces cash flow, ultimately affecting historical NOI and dropping a property’s value. Ways exist to attract residents and maintain the revenue stream.
MULTIFAMILY TECHNOLOGY
Navigating the Intersection of Tech and Human Touch
by Christine Serlin
As multifamily companies focus on adding technology to create efficiencies, it can be easy to lose sight of the human side of the industry. Since the business is about helping people find homes, owners and operators need to make sure technology is bolstering their teams rather than replacing them. It’s also helpful to understand your employees’ strengths and weaknesses and implement tech that complements both.
Read the article in Multifamily Executive
The Changing Economy and Its Impact on Rent Collection
by Andrew Ruhland
The pivotal shift from traditional rent concessions to embracing technology for rent collection not only retains property value but also enhances operational efficiency and resident satisfaction. With the downturn in rents and surge in housing units, digitizing the process and incentivizing rewards for timely payments can position properties for economic success.
Read the article in Rental Housing Journal
Are You Capturing the Right Data for Your Pet Strategies?
by Judy Bellack
Pet data management within rental housing communities is full of untapped potential. A systematic approach to gathering comprehensive pet-related data, including ownership details to behavior patterns, helps teams with strategic decision-making. The benefits of this data are enhancing community engagement and fostering a more inclusive environment.
Read the article in Multifamily Insiders
INDUSTRY NEWS
For Many, The Modern American Dream Involves Renting
by Virginia Love
The evolving American Dream reveals a significant shift towards renting over homeownership. About 41% of renters do not view owning a home as part of their dream, with 20% expecting to rent for life. This trend is attributed to high home prices, a desire for location and financial flexibility, and a change in attitudes towards renting. Renters say they value experiences over the traditional goal of homeownership, reflecting a growing change in priorities.
Read the article in Rental Housing Journal
Happy Maintenance Appreciation Month
by Stacey Feeney
Maintenance Appreciation Month is upon us, shining a spotlight on the indispensable role of maintenance teams in multifamily. It’s critical for owners and operators to recognize these teams not just for ensuring everything runs smoothly but for their contribution to resident retention. Ideas for recognition range from featuring them in marketing materials to personalized gifts.
Read the article in Multifamily Insiders
Chicago to Bring Hundreds of Apartment Units to The Loop
by Katharine Carlon
Chicago Mayor Brandon Johnson is advancing a project initially proposed by his predecessor, Lori Lightfoot, aiming to breathe new life into the LaSalle Street corridor. The initiative, dubbed LaSalle Street Reimagined, will convert aging office buildings into 1,000 new housing units, including 300 affordable ones, by allocating over $151 million in tax increment financing.
Read the article in Bisnow