HOT & RELEVANT TOPICS
Adapting to Changing Resident Lifestyles
The multifamily industry is a prime example of how shifting preferences can quickly move once-reliable traditions to obsolescence. Modern residents have developed a desire for a robust customer service experience, requiring communities to abandon familiar norms to meet customer needs. Owner/operators are starting to repurpose existing amenities spaces to be more resort-like, as well as convert lackluster spaces to cater to remote and hybrid lifestyles. As more people spend more time at their homes, training onsite and maintenance teams to adjust to higher volumes of resident interaction is a growing focus.
The Proptech Balancing Act: Advanced Tech in a Human World
Investments in proptech can facilitate owner/operators’ goal of giving residents and prospects an enjoyable experience while simultaneously supplying onsite teams with the tools to achieve that objective. To achieve optimal results from this blend of technology and people, organizations need to arm their management and associates with well-rounded and thorough training in proptech utilization that yields the most efficient results.
12 Fall Resident Events to Celebrate the Season
As the leaves change and cooler temperatures set in, multifamily communities can offer residents some exciting autumn events before the holiday season swings into action. Tailgate parties always bring football fans together and they can do the same for residents. For communities with fire pits, try a s’mores party and see who can create the most exciting recipe. September is National Whiskey Month, so throw the adults in your community a cocktail party with a mixologist that can show them some amazing fall drinks.
IN THE NEWS
Multifamily Opportunity Beyond the Sun Belt
While the Sun Belt continues to enjoy the spotlight as the prime region for multifamily growth, there are several regions to the north that provide opportunities for investment. In the Mountain region, Denver, Las Vegas and Salt Lake City are some of the most appealing metros for development, along with Boise and Albuquerque. Michigan’s tertiary markets, such as Grand Rapids and Ann Arbor, are drawing increased interest as well.
Are Commercial-to-Residential Conversion Really the Next Big Thing?
Faced with a population that’s pushing 8.5 million, a housing shortage and decreasing demand for office and retail space, New York is one city that’s giving serious consideration to residential and mixed-use conversions. Advocates hail these conversions as the next big thing in real estate, but a volatile market makes it too early to determine whether the investment is worth it. Developers are carefully examining each conversion opportunity to see if it’s logistically possible and financially sound.
Unscooped Pet Waste is Stifling Maintenance Teams Efficiency
Maintenance teams are fundamental to the operations of all multifamily communities, playing an important role in keeping things running smoothly and residents happy. The important tasks they perform can be hampered when forced to deal with the issue of unscooped pet waste. DNA testing of pet waste has been used by more than 7,000 communities with a reported 95% reduction in unattended waste. Implementation of this service can reduce the incidents when irresponsible pet owners deflect maintenance personnel from their vital contributions.