HOT & RELEVANT TOPICS
Technology-Enhanced Sustainability at Apartment Communities
With green initiatives increasing their presence in the multifamily industry, technology focused on sustainability and cleanliness is gaining greater attention. Waste automation and biotechnology systems are contributing to the creation of healthier and cleaner community environments. When properly implemented, these technologies can introduce benefits to the entire ecosystem in addition to those at properties.
Getting Together: How to Build Community for Renters By Choice
Owner/operators are exploring the use of hyperlocal and hyper-personalized offerings to help build a sense of community at their properties. Residents are no longer satisfied with a well-designed building and expectations to provide events and amenities are increasing. Creating a social environment with a focus on local businesses will raise the appeal of a property to a generation that desires a higher level of camaraderie.
Crisis Management in Multifamily
Having an established plan for dealing with a crisis not only helps residents, it also offers benefits to the property and its image. Peter Jakel, vice president of strategy at LinnellTaylor, joins the hosts of the Apartments on the Go podcast to explain how crisis management contributes to avoiding conflicts by addressing issues early.
IN THE NEWS
Zoning Reform: Why Carrots Work Better Than Sticks
While the multifamily industry generally supports the efforts of the Biden administration to address the nation’s housing crisis, there is pushback on efforts to make inclusionary zoning mandatory. Developers favor voluntary zoning, which typically offers incentives for them to set aside units for affordable housing. Mandatory zoning would require developers to set aside a percentage of their developments for affordable housing, regardless of the situation. Many view this as a tax on multifamily developers.
Adam Neumann’s Newest Endeavor: Flow
Adam Neumann, most famous for building up WeWork and then nearly driving it out of existence, is venturing into the multifamily market with some serious support. Details on the new venture, currently called Flow, are sparse. However, that hasn’t stopped him from raising more than $350 million in financial backing. Speculation is that Neumann, who currently owns about 4,000 units, is creating a program where renters have the flexibility to move to similar accommodations in a different city but with part of their fee going to rent and another part going toward an ownership stake in the company.
What Attract Renters to Smaller Multifamily Properties?
Residents in properties with two to four units stay an average of one year longer at their properties compared to other renters. They are also less likely to look for a new place to live over the next year. Besides being attractive to aspiring property investors, smaller units can offer residents a feel that is closer to a home and more space than other types of apartments. They also allow low- and middle-income individuals a chance to live in a neighborhood with easy access to jobs, schools and shopping.