HOT & RELEVANT TOPICS
Managing Renters Insurance Compliance With Technology
Even though it’s mandatory in almost all multifamily communities, a significant number of residents still do not carry renters insurance, and it puts owner/operators at risk. The requirement can be easy to circumvent, and renters may produce forged documents, cancel immediately after moving in or just let the insurance lapse. It’s not feasible for onsite teams to continually verify compliance, so companies are turning to technology and third-party suppliers to help mitigate the risk.
Your Employees Might be Quiet Quitting. Here’s How to Deal
The number of employees considering quitting their jobs has hovered around 40% for several months and doesn’t show signs of slowing. On top of that, many communities may be getting the bare minimum out of several of their associates. Quiet quitting, an old practice with a fancy new name, is when employees do the amount of work required to keep their jobs and no more. However, there are ways to inspire your employees to go above and beyond.
Is Your Property’s Fitness Center Sitting Idle?
Even though renters say that health and wellness, as well as fitness centers, are a priority for where they lease, numerous communities are struggling to utilize their standalone fitness centers. Rather than tear up infrastructure for a trendy amenity, simple adjustments can bring fitness centers back to life, including onsite personal trainers and fitness events.
IN THE NEWS
Apartment Construction to Reach 50-Year High
The multifamily industry will reach a 50-year high in construction with more than 420,000 homes expected to be completed in 2022. The last time the 400,000 mark was surpassed back in 1972. The construction boom continues thanks to ongoing housing shortages and continued high demand. New York, Dallas and Miami are predicted to be the top three metros bringing new apartments online this year. For the first half of the year, though, the three cities with the most new units were Washington, D.C., Phoenix and Los Angeles.
Housing Supply Chain Issues Show Signs of Resolving
Supply chain issues are showing signs of lessening, which is good news for housing construction as the industry continues to deal with associated delays. With nine new sawmills set to come online in the near future, lumber will likely see a marked improvement in availability. However, there are some areas, such as windows, sealants and resins that will still face shortages. Ultimately, as more suppliers increase inventory, developers could see an easing of scarcity and pricing.
Five Sun Belt Markets Poised for Long-Term Success
A warmer climate, a skilled labor pool and a business-friendly attitude are attracting more companies to the Sun Belt, which continues to experience the most significant growth in the nation. Many of the transplants are millennials, and that’s a boost for the multifamily industry as this generation is comfortable with renting later in life. Dallas, Atlanta, and three cities in Florida — Tampa, Orlando and Jacksonville — are all poised to experience long-term success.